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If you’re considering purchasing a home and need financing above the conforming loan limits, a jumbo loan might be the right option for you. A jumbo loan is financing above the limit set by the Federal Housing Finance Agency for a conforming loan. However, because jumbo loans aren’t backed by a government loan agency like Fannie Mae or Freddie Mac, qualifying may be more difficult than for a conforming mortgage.

Our HUNT Mortgage team is here to help you analyze your situation and determine whether a jumbo loan is the best financial decision for you. Both fixed-rate and adjustable-rate jumbo loans are available.

Requirements for a jumbo loan approval include:


Generally, a jumbo loan lender will require you to have a credit score of at least 680. This requirement can vary and increase based on the loan amount and loan-to-value ratio.


Although lenders may be more flexible on this requirement if you have extensive cash reserves, for the highest chance of approval your debt-to-income ratio should be at least 45% or lower.


You should have enough cash available to cover at least one year of your jumbo mortgage payments. In addition, you should be able to put at least 10% down and cover higher closing costs for loans up to $900,000 and 20% down for loans up to $2 million.


For a jumbo loan, you’ll need to provide more documentation than you would for a traditional loan. Be prepared with tax returns, pay stubs, W2s and/or 1099s, and bank statements, as well as information on any other loans you’re paying off and liquid or non-liquid assets you own.

Review your jumbo loan options with HUNT Mortgage.

If you need financing above the current conforming loan limit of $726,200, then speak with one of our Mortgage Consultants about a jumbo loan and whether you might qualify. Contact us or request a quote today.

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