Jumbo Loans
If you need a loan that is over your county’s “conventional loan limit”, then a Jumbo Loan is what you’re looking for. Jumbo loans traditionally have stricter Debt-to-income requirements, larger down payment requirements, and higher credit score requirements, but every situation is unique and we can help find you a solution to fit your needs.
- Down payments as low as 5-10%
Appointment
Unlocking Your Financial Potential Starts with a Conversation
Navigating the world of real estate financing can be complex. A personalized consultation with one of our specialists is the key to ensuring you’re fully aware of your financing options and making informed decisions to reach your goals.
- Personalized Assessment:
Our financing specialists begin by understanding your unique financial situation and real estate goals. This tailored approach ensures that the financing solution recommended aligns perfectly with your needs.
- Transparent Guidance:
No confusing industry jargon here. During the consultation, we break down complex concepts into clear, understandable terms. You’ll have a complete understanding of the mortgage process, rates, and terms.
- Customized Solutions:
Every borrower is different. Our specialists work to find the best possible mortgage solution for you, taking into account your financial goals, credit history, and current market conditions. We aim to make your homeownership journey as smooth and affordable as possible.
F. A. Q's
Frequently Asked Questions
Dreaming of a seaside villa or a sprawling estate in the mountains? Jumbo loans are a great option for this! These loans are specifically designed for properties that exceed traditional loan limits, opening the door to larger, more luxurious homes. Here are the top 5 frequently asked questions asked by our clients to help you understand whether jumbo loans are right for you.
A jumbo loan is a mortgage that exceeds the conforming loan limit set by the Federal Housing Finance Agency (FHFA). In most areas, that limit is $766,550 for 2024. So, if your dream home comes with a bigger price tag, you'll need a jumbo loan to finance it.
Yes, qualifying for a jumbo loan typically requires stricter criteria compared to conforming loans. Depending on the lender and loan program, this loan often demands higher credit scores, usually 700 or above. A DTI below 45% is ideal for jumbo loans and a solid financial history to show proof of stable income and assets. The down payment for Jumbo loans starts from 5%-10%.
Generally, yes. Due to the perceived higher risk, jumbo loan interest rates can be slightly higher than conventional loans, though the exact figure depends on your credit score, loan amount, and other factors. Additionally, expect higher closing costs due to the more complex underwriting process.
Despite the stricter requirements and higher costs, jumbo loans unlock access to a wider range of properties that wouldn't be accessible with a conventional loan. While jumbo rates are typically higher than conventional loan rates, they can still be competitive compared to other high-balance loan options. Some jumbo loan programs also offer unique features like flexible repayment options or interest-only periods.
Many traditional lenders offer jumbo loans, but specialized jumbo lenders may provide more competitive rates and terms. Sparrow Capital specializes in jumbo loans and we can help you with a streamlined application process.