Jumbo loans are a great option for borrowers looking to get a larger-sized mortgage. The 2023 limit for a jumbo loan is a loan amount over $726,200. Jay Dacey Mortgage Team offers jumbo loans up to $3 million.
Requirements for a jumbo loan are stricter since the loan amounts are larger. Jumbo loans are considered non-QM loans, meaning that they are not backed by Fannie Mae or Freddie Mac and each lender will have their own set of requirements. One of these requirements is reserves; you must have funds in reserve (such as in a retirement account) equal to 3-6 months of the mortgage payment amount.
An appraisal is always required on the property.
Jumbo loans are available for purchase or refinances, in both fixed-rate and ARM options. If you’re looking in a higher-priced area or have a large monthly housing budget, a jumbo option might be the best fit for you. Give us a call today or fill out our application here!