You’re buying a home that requires a mortgage above the conforming limits for mortgages in your area. You’ve got the income and cash reserves to support a large house loan. If your credit score and down payment are strong too, a jumbo loan can get you into your dream home.
Jumbo Loans are especially attractive to…
- Borrowers with qualifying credit scores, asset levels, and significant down payments.
- Buyers who need a mortgage above the conforming limit of $726,525 in Alaska, Hawaii, Guam or the U.S. Virgin Islands or $484,350 everywhere else in the U.S.
- Buyers who can easily cover larger-than-average monthly mortgage payments.
Loan Features
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Amounts above Standard Limits
Jumbo loans allow borrowers to obtain home financing outside Fannie Mae or Freddie Mac conventional loan limits putting the home of your choice at your fingertips.
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Flexibility with Loan Types and Amounts
We offer a variety of fixed, adjustable rate and interest-only mortgages with a maximum loan amount of $4 million dollars.
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Borrow Without Mortgage Insurance
For highly-qualified buyers, we offer programs with a >80% LTV with no mortgage insurance needed with a maximum LTV of 90%.
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Makes Only One Mortgage Necessary
One jumbo loan makes the costs and hassles of getting two conforming loans to cover the cost of your ideal home unnecessary.
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Get Competitive Interest Rates
In many cases, we can offer jumbo loans at interest rates competitive with conforming loans, if you qualify.
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Purchase or Refinance with Jumbo Loans
Free up cash by financing your home with a jumbo loan or refinance into a lower interest rate and, in some cases, get unlimited cash out.
Calculators
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Mortgage Calculator
Get an idea of what your monthly mortgage payment may be, including costs associated with your mortgage such as property taxes, homeowners insurance, and Private Mortgage Insurance (PMI), if applicable.
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Refinance Calculator
Recalculate your new house payment based on loan amounts, interest rates, and other factors, to see if refinancing your mortgage is a smart financial move.
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Affordability Calculator
Calculate how much house you can afford. Get an estimate for a mortgage amount that may fit comfortably within your budget.
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Frequently Asked Questions
Conforming mortgages are Freddie Mac and Fannie Mae-backed loans with limits of $453,100 in all states except Alaska, Hawaii, Guam or the U.S. Virgin Islands, where the limit is $679,650. Jumbo loans allow you to go outside those limits and buy a more expensive home if you qualify.
To qualify for the best rate, you should have a strong work or income history, a low Debt-to-Income (DTI), a down payment of 10-20%, and the ability to cover between 6 to 12 months of mortgage payments via cash reserves or assets.
That depends on the amount you borrow, your loan type, your credit profile, and market rates when you apply. But, for the most qualified buyers, APR can be as low as the rates on some conforming loans.
No, we offer a wide variety of jumbo loans depending on: the location of your home, your income, credit, whether you want a fixed, adjustable or no interest loan, and other factors.
No, you can use your jumbo loan for second or vacation homes and investment properties, too.
With some of the products we offer, you can get unlimited cash out refinancing if you and your home qualify.
If you’re self-employed, have an unorthodox property, don’t have standard documentation, or need to borrow above 80% Loan-to-Value (LTV) with a smaller down payment, we may have products to meet your needs.
With some of the products we offer, you can get unlimited cash out refinancing if you and your home qualify.
Why Finance of America Mortgage?
We’re not about pushing loan papers. We’re about moving your dream forward. And we do that through knowledgeable local advisors, a personal approach, and a variety of smart loan options.