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Are you looking for a home loan that will cover a larger than usual mortgage? Maybe you’re finally buying your dream home, or perhaps you’re home shopping in an extremely expensive neighborhood. Whatever the reason, a jumbo loan is what you need to get your hands on the funds to close the deal.
Jumbo loans are designed to help homebuyers seeking mortgages that exceed the conforming loan limit set by the Federal Housing Finance Agency (FHFA) for loans which can be purchased by Fannie Mae and Freddie Mac. Jumbo loans are also called “nonconforming loans.”
The baseline conforming loan limit for 2025 was set at $806,500. Conforming loan limits are set higher in areas where the median house cost exceeds the baseline. This means borrowers in high-cost areas can get conforming loans based on the loan limits in their county, with a maximum limit of $1,209,750.
A jumbo loan can help you get financing for a $1 million or even a $2 million home. However, you’ll need to be ready to provide a lot of information with your loan application and be prepared for a very thorough underwriting process.
It’s harder to qualify for a jumbo mortgage loan because the requirements are much more stringent than for conforming loans.
Your credit score will typically need to be over 700 to get approved for a jumbo loan. The higher your FICO score, the better your chance of approval. Jumbo mortgages require the lender to have absolute confidence in your ability to repay the loan, and a good credit rating is a sign that you handle your finances well.
How much you can put down will definitely affect your jumbo loan options. While no-or low-down payment jumbo loans are available through the VA home loan program, you’ll need good credit to qualify. For all other jumbo mortgages, you can count on a big down payment being a factor in getting your application approved.
Lenders will also scrutinize your debt to income ratio to see if you can handle the hefty monthly payments that are part of a jumbo loan. However, if you have a high enough credit score, down payment, and income, you may be able to get some wiggle room on your DTI ratio.
Now is a great time for looking into getting a jumbo loan in the neighborhood of your dreams. You can use our free Instant Rate Quote tool and Rate Tracker to find out how much you could be saving every month or over the life of your loan.
At Sammamish Mortgage, we always put the client first, making sure you get the most effective loan for your budget.
We offer some of the most competitive rates in the nation, and it’s our goal to give you a hassle-free home loan experience. We’re proud to say we close most of our loans quickly and on time. We offer a wide variety of home loans, including jumbo loans, so you can start looking for a home as soon as possible.
For more information on your jumbo loan options, feel free to contact us today. We currently lend in all of Washington, Oregon, Idaho, Colorado and California. Our friendly team of experienced mortgage professionals will advise you on which loan program meets your needs.
Are you ready to apply for a jumbo mortgage and lock in a low interest rate? If so, Sammamish Mortgage can help you get started. Get in touch with us today!
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.