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 $484,350 in most states for 2019.
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’s jumbo mortgage loan programs are varied to meet every need for different property types, product types and loan sizes. Jumbo guidelines can 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.
Property 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
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
Put in your mortgage scenario to get an instant rate quote for your Jumbo Mortgage or contact us directly at 781-232-8000 to speak with a Jumbo loan expert.