jumbo home loans

What is a Jumbo Mortgage Loan?

A Jumbo home loan or mortgage loan is a loan where the loan amount exceeds that of conforming loan limits. A conforming loan is one where limits are imposed by Freddie Mac and Fannie Mae, the two government sponsored agencies that purchase mortgage loans from lenders and provide guarantees to lenders.

Maximum loan limits are approximately $1.150,000 at the highest in most parts of the country but does vary in higher cost areas of the US.  If you live in an area like Jupiter Florida, Palm Beach, Boca Raton or Naples Florida it is likely your loan exceeds this amount and in many cases is over $1million dollars and considered a super jumbo loan. 

CambridgeHomeLoan.com provides Jumbo loans for first time home buyers and experience and self employed borrowers. 

Some of the more popular programs for Jumbo Loans include

Statement Only, Non QM No Doc P& L loans and full doc loans. 

Continue to read to learn how you can obtain a jumbo loan to purchase your dream home


Types Of Jumbo Home Loans

Standard Jumbo Home Loan

Jumbo Asset Only Home Loan

Personal Statement Only Home Loan

Conventional Jumbo Loan

Standard Super Jumbo Home Loan

Jumbo Statement Only Home Loan

Business Statement Home Loan

P&L Only Jumbo Home Loan

best jumbo home loan rates

These loan types pertain to a home purchase, refinance or cash out refinance.

How To Qualify For A Standard Jumbo Home Loan

In order to qualify for a standard Jumbo Mortgage loan, you will want to meet the following criteria

  • Minimum credit score of 640. A lower credit score might be accepted if a larger down payment is put down.
  • Minimum down payment of 10% (Better rates with higher down payments ex.20% down)
  • A Debt to income ratio that does not exceed 43%. (Some lenders will modify this based on other factors.)
  • Applicant must provide all paperwork requested including:
  • Proof of income (Lenders need to evidence the ability to pay back the loan)
  • Proof of liquid assets
  • Paperwork on any other loan (Any first or second mortgages, investment properties, etc.)
  • Evidence of non-liquid assets (Long term investments, retirement funds, etc.)

If you meet these requirements, then you will more than likely qualify for a jumbo loan.  We can tell you if there are any additional requirements. Our loan officers will help you with the process from the beginning until the end. We will work with you and be by your side and answer any questions that you may have. 41

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No Obligation Underwriting
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Is it Difficult To Qualify For A Jumbo Home Loan?

Prior to 2008 it was fairly easy to qualify for a standard jumbo home loan.  Although regulations and paperwork have more strict there are now more programs than ever to help support our luxury clients.

Find out about limited documentation Home Loans, Statement Only and no doc home loans for our luxury home loan clients.

Both primary residence and
vacation home loans!

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For a standard jumbo mortgage loan the requirements are as follows.

First the applicant needs a credit score of 580 or higher (this changes based on other deal factors). They also need a down payment of 10-20%. (This may vary by program).  The monthly payment cannot exceed 43% of pretax income.  The applicant will also need to have all required paperwork in order.  The documentation required varies by loan program but will most likely include the following;

Proof of income
Proof of all liquid assets
Proof of other non-liquid assets
Documentation on any other loans

Jumbo mortgage loans are available for primary residences, second homes or vacation homes and investment properties, as well as for a variety of terms, including fixed-rate, adjustable-rate, interest only and a variety of other loan options. A jumbo loan will typically have a higher interest rate, stricter underwriting rules and require a larger down payment than a standard mortgage to obtain the best loan rate. Call or click on the link below to find the best available rate today for your jumbo home loan. 800-826-5077.

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