Jumbo loans offer financing for more expensive homes that exceed the conventional loan limit and typically come with higher interest rates but flexible financing features and benefits. If your property is worth more than most, consider a jumbo or non-conforming loan. Perfect for loan amounts that exceed Fannie Mae and Freddie Mac’s maximum conforming limits. If you can handle higher monthly mortgage payments, this program is for you.
Jumbo mortgage loans work like other traditional home loans. You will have to go through the application, underwriting, and approval process, but the eligibility criteria for jumbo loans are stricter than traditional conforming loans. Jumbo loans are specifically designed for houses requiring a loan greater than the current Conventional Loan limit of $726,200 for 2023.
A satisfactory credit score (680 or higher)
A lower Debt-to-Income ratio, ideally under 43%
Proof of income and employment
Documentation of assets and cash reserves.
Fixed or adjustable rate
Maximum loan-to-value (LTV) of 90%, no MI required
Loan amounts greater than $726,200
Purchase, rate/term refinance, and cash-out refinance options for primary residences
Purchase and rate/term refinance options for second homes & investment properties
Warrantable condos (low/mid/high rise)
Planned Unit Developments (PUDs)
If your property is worth more than most, consider a jumbo, or non-conforming, loan. Perfect for loan amounts that exceed Fannie Mae and Freddie Mac’s maximum conforming limits. If you can handle higher monthly mortgage payments, this program is for you.
Certain restrictions apply on all programs. See your First Liberty Bank Loan Officer for complete program guidelines, loan application, applicable fees and annual percentage rates (APR’s) for all loan programs. Full underwritten approval is required and all loan approvals are subject to credit, income and asset review and approval.
Our online application makes it quick and easy to get started. We have experienced mortgage loan officers ready to help you make the best financial decisions for your unique situation.