At Coast2Coast Mortgage, we understand that sometimes your dream home exceeds the limits of conventional financing. That's where our Jumbo Smart loans come in, offering flexible solutions for larger loan amounts with a streamlined process that makes luxury homeownership more accessible than ever.
What Are Jumbo Loans?
Jumbo loans are mortgage loans that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. In most counties across the United States, the conforming loan limit is $726,200 for 2023, but in high-cost areas, it can go up to $1,089,300. Any loan amount above these limits requires a jumbo loan.
Dream Bigger with Jumbo Smart
When you need a larger home loan, Coast2Coast Mortgage can help. We offer financing for loan amounts up to $3 million the smart way with our Jumbo Smart loan program. These loans are designed specifically for home buyers and homeowners looking to purchase or refinance high-value properties without the excessive complexity often associated with jumbo financing.
Big on Flexibility, Smaller on Complexity
Get the home financing you need with more flexible guidelines and a simpler process. Our Jumbo Smart loans are designed to streamline the application and approval process, making it easier to secure the financing you need for your luxury or high-value property.
Key Benefits of Jumbo Loans
A Variety Of Options
We offer conventional, VA, FHA and adjustable-rate mortgage (ARM) jumbo loans, and a variety of terms. This flexibility allows us to tailor a financing solution that perfectly fits your unique situation and financial goals.
Flexible Loan Use
Finance a primary home, second home or an investment property with up to two units. Whether you're purchasing your dream home, a vacation property, or expanding your real estate investment portfolio, our jumbo loans can accommodate your needs.
Less Paperwork
A Jumbo Smart loan requires less documentation than many jumbo loans on the market today. We've streamlined the process to reduce the paperwork burden, making it easier and faster to secure your financing.
Guidelines For Jumbo Loans
Credit
You'll need a 680 score or better, unless you qualify for a VA or FHA jumbo loan. Strong credit is typically required for jumbo loans due to the larger loan amounts and increased risk. However, if you qualify for a VA or FHA jumbo loan, the credit requirements may be more flexible.
Down Payment
Down payments to buy a home with a Jumbo Smart loan start at just over 10% of the purchase price. This is more accessible than many traditional jumbo loans, which often require 20% or more down. Lower down payment requirements mean you can preserve more of your liquid assets for other investments or expenses.
Closing Costs
You'll need around 3-6% of the amount you're financing for closing costs. These costs include various fees associated with the loan process, such as origination fees, appraisal fees, title insurance, and more. It's important to budget for these expenses when planning your home purchase.
Debt
Less than 45% of your income should be going to pay debt. This debt-to-income ratio requirement ensures that you have sufficient income to comfortably manage your new mortgage payment along with your existing debt obligations.
Why Choose a Jumbo Loan?
Jumbo loans offer several advantages for those looking to purchase high-value properties:
- Access to financing above conforming loan limits
- Competitive interest rates, often comparable to conventional loans
- Ability to purchase luxury homes or properties in high-cost areas
- Flexible options for primary residences, second homes, or investment properties
- Streamlined documentation requirements with our Jumbo Smart program
For those with excellent credit and strong financial profiles, jumbo loans provide the opportunity to purchase the home of your dreams without compromising on features or location due to financing limitations.
Ready to Explore Your Jumbo Loan Options?
Jim Steen at Coast2Coast Mortgage can help you navigate the jumbo loan process and find the best solution for your luxury or high-value property purchase.
Frequently Asked Questions About Jumbo Loans
Are interest rates higher for jumbo loans?
Historically, jumbo loans had higher interest rates than conforming loans due to the increased risk. However, in recent years, jumbo loan rates have become more competitive and are often comparable to or sometimes even lower than conforming loan rates, especially for borrowers with excellent credit and strong financial profiles.
Can I get a jumbo loan with less than 20% down?
Yes, with our Jumbo Smart program, down payments start at just over 10% of the purchase price. This is more accessible than many traditional jumbo loans, which often require 20% or more down. However, putting down less than 20% may result in private mortgage insurance (PMI) requirements.
Are there income limits for jumbo loans?
There are no specific income limits for jumbo loans, but lenders will carefully evaluate your income to ensure you can comfortably afford the monthly payments. Typically, jumbo loan borrowers have higher incomes to support the larger loan amounts and associated payments.
Can I use a jumbo loan for an investment property?
Yes, our Jumbo Smart loans can be used for investment properties with up to two units. However, be aware that investment property jumbo loans may have stricter requirements regarding down payment, credit score, and reserves compared to primary residence jumbo loans.