Jumbo mortgage loans are used to finance transactions that exceed Fannie Mae and Freddie Mac lending limits.
If you need a home loan for more than the conforming limit, a jumbo mortgage loan or a combination of loans may be required.
ASJ Mortgage Solutions offers jumbo mortgage loans in Arizona for purchase and refinance transactions.
About Jumbo Home Loans
People often ask, what are jumbo mortgage loans?
Loans that conform to lending limits, which are set each year by the Federal Housing Finance Agency.
For 2024, the conforming loan limit for a one-unit property throughout most areas of the United States is $766,550.
Loan limits are higher for properties with multiple units and for residential homes that’re in high-cost areas.
Jumbo Mortgage Loan Limit
If you’re shopping for a home that exceeds the conforming loan limit of $766,500, you might be concerned about the jumbo mortgage loan limit.
When you apply for a jumbo home loan, a loan officer can determine the maximum amount that you’re qualified to borrow.
Some lenders may cap their jumbo mortgage loans at $2 million dollars, while others could lend $3 million, $10 million or $20 million.
Jumbo Mortgage Loan Qualifications
Lending requirements are elevated for jumbo mortgage loans.
Typically, you’ll need a 700 credit score or greater, a favorable debt-to-income ratio and sufficient financial reserves.
For purchase transactions, you’ll need a down payment that’s equal to 5% – 20% of the property’s sales price.
Jumbo Mortgage Loan Rates in Arizona
When shopping for jumbo home loan rates, you’ll notice that the mortgage interest rates are priced higher than conforming rates for similar terms.
If you’re comparing jumbo mortgage rates among lenders in Arizona, it’s wise to factor in the total costs, such as the mortgage rate and any additional fees.
You can speak with ASJ Mortgage Solutions about finding the best jumbo home loan rates in AZ.
No mortgage broker fees are charged to borrowers who close jumbo home loans with ASJ Mortgage Solutions.
Who Uses Jumbo Home Loans?
Anyone can apply for a jumbo mortgage loan.
Celebrities, athletes, real estate investors, entrepreneurs and luxury home buyers typically purchase multi-million dollar homes with a jumbo home loan.
Also used among attorneys and physicians, jumbo mortgage loans are ideal for professionals who need financing for high-end properties.
Based in Peoria, Arizona, ASJ Mortgage Solutions offers competitive jumbo mortgage loans for home buyers and for existing homeowners who want to refinance for better terms.Questions? Contact ASJ Mortgage Solutions Today!