Jumbo Mortgage Loans in Illinois, Wisconsin, Minnesota and Florida

Jumbo Mortgage Loans in Illinois, Wisconsin, Minnesota and Florida

Jumbo loans allow buyers to purchase their dream home even if they cannot reduce their borrowing costs to the conforming loan limit. While the exact criteria required to qualify for a jumbo loan may vary from one lender to another, borrowers who qualify for this type of loan program can expect to be held to stringent credit and income-to-debt qualification criteria.

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Low down payment jumbo loans are reserved for those with excellent credit and loan profile. Qualified home buyers have the following Jumbo options available in 2019: 90% jumbo loans: loan amounts up to $3,000,000. Min 720 credit score when the loan amount exceeds .0mil. 95% jumbo Loans: Loan amounts up to $2,000,000.

A loan is considered jumbo if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac – currently $484,350 for a single-family home in all states (except Hawaii and Alaska and a few federally designated high-cost markets, where the limit is $726,525).

Any loan amount exceeding these conforming loan limits would be considered a jumbo loan. Jumbo loans are a great way to purchase a higher priced luxury home or refinance a larger mortgage. If you have manageable debt-to-income ratios, higher credit scores and at least a 5% down payment, the jumbo loan program may be right for you.

Licensed Wisconsin Mortgage Banker – Licensed Minnesota Mortgage Banker – Florida Licensed Correspondent Lender. Illinois Residential Mortgage Licensee – Licensed in Illinois by the Illinois Department of Financial & Professional Regulation, Division of Banking, 122 South Michigan Avenue, Suite 1900, Chicago, IL 60603 Phone 312-793-3000.

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Jumbo mortgages are home loans that exceed conforming loan limits. A jumbo loan is one way to buy a high-priced or luxury home. Borrowers are required to have a low debt-to-income ratio and a high credit score. The limit on conforming loans is $484,350 in most areas of the country, but jumbo mortgages can exceed these limits.

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