How to apply for a jumbo mortgage
Applying for a jumbo loan is simple with our Digital Mortgage. Follow these steps.
1. Review your finances
Check your credit score, income, debt-to-income (DTI) ratio and cash on hand for a down payment.
1. Review your finances
Check your credit score, income, debt-to-income (DTI) ratio and cash on hand for a down payment.
2. Gather key documents
You’ll need to provide income verification, tax returns, asset statements and personal identification.
3. Apply online
Once you submit your application, your Loan Officer will help you from there.
Jumbo mortgage interest rates guide & FAQs
Reach out to Rate loan experts who can answer even more questions and help you achieve your homeownership goals.
Homebuyers use jumbo loans for high value properties. They also use them when they need more borrowing power than a conventional mortgage allows. They help make high-value properties more accessible by allowing you to borrow beyond the usual conforming loan limit set by the Federal Housing Finance Agency (FHFA). Jumbo loans have limits as well.
While requirements vary, down payment options vary from 10% to 20% for a jumbo loan to help you buy a higher-priced property. Higher credit scores and cash reserves can help you get lower down payment requirements. This is because they make you eligible for better loan terms.
Jumbo loans generally require higher credit scores and substantial income to qualify. Lenders like borrowers who have a debt-to-income (DTI) ratio of about 43%. This helps them manage monthly payments and closing costs for larger loans.
Interest rates on jumbo loans are usually a bit higher than on conventional loans. This is partly because of the larger loan size and the added risk lenders face.
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