The Jumbo Mortgage Loan Program

The term “jumbo mortgage” means any loan that is greater than the conforming loan limits as established by the Federal National Mortgage Association or FNMA (Fannie Mae), currently over $417,000.

If a mortgage loan is no greater than the conforming loan limit for that type of property, it is considered a “conforming” loan, because it conforms to established guidelines (which include a maximum loan amount). Because jumbo mortgage loans exceed the conforming loan limit, they may require a higher credit score, a certain amount of discretionary income after the payment of all debts and a debt-to-income ratio which is lower than that for a conforming loan.

Poli Mortgage Group loan officers are experts when it comes to jumbo mortgage lending. We handle a large portfolio of jumbo mortgage loans every year performing all of the underwriting in-house. While we are based in the Boston area, we offer our jumbo mortgage products in all of the states in which we are licensed.

Poli’s jumbo mortgage loan programs are varied to meet every need for different property types, product types and loan sizes. Jumbo rates are usually slightly higher than conforming rates because there is no major secondary market for the buying and selling of jumbo mortgages as there is for conforming mortgage loans. Jumbo guidelines can also vary from conforming loan guidelines with increased down payment requirements and specialized zoning requirements for different zip codes. And, the maximum loan amounts may also vary with the location of the property.

jumbomortgageprogramsProperty types that can qualify for jumbo mortgage loans:

  • Primary Residences
  • Single Family Second Homes
  • Single Family Homes
  • Condominium Units
  • Multi-Family Homes
  • Vacation Homes

Jumbo Products available for purchases or refinances:

  • 10, 15 or 30 Year Fixed Rate
  • 10 Year Fixed Rate with a 30 Year Amortization
  • 3, 5 & 7 Year ARMs

Jumbo Loan Amounts:

  • Up to $3,000,000 in most areas with significantly higher loan limits in some affluent geographic locations

To learn more about Poli Mortgage Group’s jumbo mortgage loan programs, complete our online contact form or call us directly.