Jumbo Loan

About Jumbo Loans

Are you looking for a Jumbo Mortgage lender in Pennsylvania or Maryland? There has never been a better time than right now to take advantage of this program. The Rebecca Foote Mortgage Team specializes in helping luxury home buyers who need financing for higher loan amounts.

A jumbo mortgage loan in most counties is any loan that is greater than $453,100. Home loan rates are not necessarily higher on jumbo loans either! We will provide a customized quote for your home loan as rates can vary according to your scenario and what the market is doing.

Features of Conventional Loans

• Up to 85% financing
• Up to 30-year fixed rates options
• Interest rates similar to conforming loans
• Similar underwriting guidelines as a conforming loan(non-Jumbo size loans)
• Seller may pay up to 6% of the purchase price toward closing costs and prepaids…depending on down payment percentage
• Gift funds from a relative allowed
• Purchase and refinance options available
• Second homes allowed
• Max debt to income ratio is 40%

Consideration Points for Borrowers

• Jumbo mortgages are only for primary residences and second homes
• Your down payment can be as low as 5%. However, if you plan to obtain a 2nd mortgage, or HELOC, that loan must also be counted in the loan-to-value ratio
• Debt-to-income are generally capped at 41%

Conventional Loan Qualifying

Stricter guidelines can make Jumbo Loans more difficult to qualify for than conforming loans:

• You will need a minimum credit score of 680
• For higher loan amounts, or higher loan-to-value ratios, your score must be above 700.
• Debt-to-income are generally capped at 41%.
• You must be able to prove your income through tax returns, or W2s, or both.

Rebecca Foote Mortgage Team specializes in helping jumbo home buyers in Pennsylvania and Maryland. We can also help with jumbo mortgage refinances. Call us in the office at 717-609-4044 today!