Jumbo Loans Near Me

What Are Jumbo Loans?

Jumbo loans are mortgage loans that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These loans are for high-end properties and for homebuyers looking to finance luxury homes or properties in expensive real estate markets like San Diego. Since jumbo loans are not eligible to be purchased, guaranteed or securitized by Fannie Mae or Freddie Mac, lenders take on more risk and that means stricter qualification requirements and higher interest rates.

Jumbo loans are for borrowers who need to finance properties that exceed the conventional loan limits and need the cash to buy homes that require bigger mortgages.

Jumbo Loan Features:

• Exceeds conventional loan limits: Any loan amount above the FHFA’s conforming loan limit is a jumbo loan.
• Bigger loan amounts: Used to finance luxury homes or high-end properties.
• Stricter qualification requirements: Lenders require higher credit scores, bigger down payments and more documentation than conventional loans.

When To Use A Jumbo Loan?

Jumbo loans are for homebuyers buying properties that fall outside conventional loan programs. These loans are used for:

1. Luxury homes: If you’re buying a high-end property that exceeds the conforming loan limit, a jumbo loan provides the funding.
2. High-cost real estate markets: In expensive areas, many homes require financing beyond the standard loan limits. Jumbo loans let you buy in those markets without being limited by loan caps.
3. Vacation homes or secondary properties: Jumbo loans are also good for buying luxury vacation homes or investment properties that have higher price tags.

If you’re in the market for a high-end home and need financing beyond conventional limits, a jumbo loan is for you.

Jumbo Loan Benefits

Jumbo loans have many advantages for high-end properties:

• Bigger loan amounts: One of the main benefits of a jumbo loan is that you can borrow more than the standard conforming loan limit so you can buy more expensive homes.
• No loan cap: Unlike conventional loans, jumbo loans have no upper limit so you can finance multi-million dollar properties with one loan.* Loan terms: Jumbo loans have fixed-rate and adjustable-rate mortgage options so you can choose the terms that fit your situation.
• Competitive rates: While jumbo loans have higher interest rates, borrowers with great credit and financial profiles can still get competitive rates.

Jumbo Loan Considerations

While jumbo loans give you access to bigger loan amounts, they also come with stricter requirements and more risk:

• Higher credit score requirements: Most lenders require a credit score of 700 or higher to qualify for a jumbo loan and some may require even higher for the best rates.
• Larger down payments: Jumbo loans usually require a 20% down payment but some lenders may offer 10% down options depending on your financial profile. The bigger the down payment, the better your chances of qualifying.
• Higher interest rates: Since jumbo loans are higher risk, they generally come with higher interest rates than conventional mortgages. You should consider the long-term cost of higher interest payments.
• Tighter income and asset requirements: Lenders require proof of significant income and assets to ensure you can manage the bigger mortgage. This may include extensive documentation of bank statements, tax returns and investment accounts.
• Cash reserves: Lenders may require several months of cash reserves to ensure you can cover your mortgage payments in case of income disruption.

Before applying for a jumbo loan, make sure you have the financial resources and stability to meet these requirements and comfortably manage the bigger loan.

Is A Jumbo Loan For You?

A jumbo loan may be for you if:

• You’re buying a luxury home or high-end property that exceeds the conforming loan limit.
• You have a strong financial profile including high credit score, big down payment and stable income.
• You’re comfortable with the stricter requirements for income, assets and documentation.
• You’re looking to finance a property in a high-cost real estate market where home prices exceed conventional loan limits.

Jumbo loans give you the flexibility and funding for high-end home purchases but you need a solid financial foundation to qualify.

Apply For A Jumbo Loan

Applying for a jumbo loan requires more stringent qualifications but Keyswag Lending is here to help. We service high-net-worth individuals and those buying luxury properties to get the right jumbo loan for their needs.

Here’s how we can assist:

1. Initial consultation: We’ll review your financial situation including your credit score, income and assets to determine if a jumbo loan is right for your property purchase.
2. Customized loan options: We offer various jumbo loan programs including fixed-rate and adjustable-rate options to help you find the terms that fit your financial goals.
3. Income and asset verification: Our team will help you gather and submit the required documentation such as tax returns, bank statements and investment accounts to ensure a smooth loan approval process.
4. Fast approval: Once your documentation is in place, we work quickly to get your loan approved and funded so you can close on your dream home without delay.

At Keyswag Lending, we understand the challenges of financing luxury homes and we’re committed to give you the best jumbo loan options nationwide.

Get Started?

Ready to apply for jumbo loans? Contact us today for a free consultation. We’ll guide you through the process and get you financed to buy your high-end property with confidence.