Jumbo or non-conforming loans are any loans that exceed the conforming loan limits listed below.

Jumbo loans are available under three loan programs - Conventional Jumbo Loans, VA Jumbo Loans and Super Jumbo Loans. This page of our website deals with our Conventional Jumbo Loan products.

Conventional Jumbo Loans
30 year and 15 year fixed rate conventional jumbo loans are available up to $2,000,000 Both purchase or rate and term refinancing are acceptable. A variety of ARM products are also available. For cash-out home equity loans see Home Equity Loans.

Underwriting guidelines for our conventional jumbo loans are generally more strict than on conforming loans. They require higher credit scores, higher down payments depending on the size of the loan and require you to have more reserves after closing than you would normally see on a conforming loan or on a VA Jumbo Loan.

Our three most common Jumbo loan programs are the Jumbo Gold, the Jumbo Silver and the Jumbo Blue. Here are the Pros and Cons for these programs.

We also have several other loan programs available for investment properties and unusual jumbo loan types. Contact us for details and a Good Faith Estimate.

VA Jumbo Loans
Eligible veterans can't afford not to look at our VA Jumbo Loans available up to $1,500,000, though, due to pricing, the practical maximum is $999,999. A down payment equal to 25% of the excess over $417,000 is required for veterans with full VA entitlement. Rates are about 1% lower and down payment requirements are much lower than on our conventional jumbo loans. See our VA Jumbo Loan guidelines for more details.

Super Jumbo Loans
Loans from $2,000,000 to $30,000,000 are available on a case by case basis for well qualified borrowers. Loan to values up to 80%. Reserves are the key to these loans. Contact us for details and a Good Faith Estimate.

Jumbo "Gold" Guidelines

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• Appraisals - One full appraisal with interior photos
• Assumable - No.
• Automated Underwriting - FNMA DU approval required.
• Bankruptcy or Foreclosure - None in last 7 years.
• Credit Scores - Credit scores below 780 may require a price adjustment to the points depending on the loan to value.
  
  The following adjustments are to the points. As a rule of thumb, 0.375% in points equals about 0.125% in the rate. So if you have to add 0.75% pt. your rate will go up about 0.25%, i.e., 7.0% to 7.25%..

• DTI - Total debt to income ratios up to 45 to 50%. See chart above.
• Eligible Property Types - 1-2 unit homes, townhouse, approved Condos and PUDs.
• Loan Types - 15 & 30 year fixed rate loans. Interest only available on 30 year fixed rate loans.
• Maximum Loan Amount - $750,000 under our standard conventional jumbo loan program.
• Mortgage Insurance - Loans greater than 80% LTV require mortgage insurance. We normally use a 2nd lien to reduce the 1st lien to 80% LTV or less to eliminate the need for mortgage insurance. If mortgage insurance is required, additional restrictions from the mortgage insurance company may be required.
• Occupancy - Primary residence - MUST occupy the home within 60 days. Second Homes/Vacation homes - personally occupied at least 2 weeks/year and never rented.
• Residency - 1-2 family primary residences and 1 unit second homes.
• Reserves - Determined by  FNMA DU automated underwriting.
• Seller Concessions.
  
  

  Property Type	LTV/CLTV	Contribution
  Primary Residence	>75%	6%
  	<=75%	9%

• Temporary Buydowns - Not allowed.

Jumbo "Blue" Guidelines

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• Appraisals - Two appraisals are required on loans over $1,000,000
• Assumable - No.
• Automated Underwriting - Loans up to $650,000 are eligible for automated underwriting approvals. Loans greater than $650,000 require manual underwriting.
• Bankruptcy or Foreclosure - If the cause of the bankruptcy or foreclosure was caused by:

  Extenuating Circumstances
  Minimum of 2 years from the discharge date if evidence can be provided to show that financial mismanagement was not the cause. No adverse credit is allowed since the bankruptcy or foreclosure.

  Financial Mismanagement
  Bankruptcies or foreclosures caused by financial mismanagement require a minimum of 4 years from the discharge date with no adverse credit. Minimum credit scores is 680.

  NOTE: After a bankruptcy be sure to check  your credit report for errors  and correct inaccurate information. This can make a big difference in your credit scores and loan approval.

  If you need help repairing your credit, contact us and we will refer you to HTDI Financial, a credit repair agency we work with.

• Credit Scores - Credit scores below 780 may require a price adjustment to the points depending on the loan to value.
  
  The following adjustments are to the points. As a rule of thumb, 0.375% in points equals about 0.125% in the rate. So if you have to add 0.75% pt. your rate will go up about 0.25%, i.e., 7.0% to 7.25%..

• DTI - Debt to income ratios up to 45% using manual underwriting. Automated underwriting has no DTI restrictions.
• Eligible Property Types - 1-2 unit homes, townhouse, approved Condos and PUDs.
• Loan Types - 15 & 30 year fixed rate loans and 1 yr, 3/1, 5/1, 7/1 & 10/1 ARM loans are available. Interest only available on 30 year fixed rate loans.
• Maximum Loan Amount - $2,000,000 under our standard conventional jumbo loan program. Super Jumbo loans are available on a case by case basis up to $30,000,000..
• Mortgage Insurance - Loans greater than 80% LTV require mortgage insurance. We normally use a 2nd lien to reduce the 1st lien to 80% LTV or less to eliminate the need for mortgage insurance.
• Occupancy - Primary residence - MUST occupy the home within 60 days.
• Residency - 1-2 family primary residences and 1 unit second homes.
• Reserves - Jumbo loans require you to have the following minimum cash reserves after closing.
  
  • Up to $650,000 - 3 months PITI
  • $650,001 to $1,000,000 - 6 months PITI
  • $1,000,001 to $1,500,000 - 9 months PITI
  • $1,500,001 to $2,000,000 - 12 months PITI
• Seller Concessions - The seller or other interest parties can contribute up to 6% of the sales price towards your closing costs and prepaids.
• Temporary Buydowns - Not allowed.

It's real easy to pre-qualify. A Good Faith Estimate will be emailed to you. Just click here to get started.