What is a jumbo loan?

Jumbo loans are used to finance homes when the amount needed to finance the purchase exceeds conforming loan limits. They are suitable for borrowers who want to buy luxury homes or refinance existing large mortgages. Jumbo loan underwriting guidelines are more restrictive than conventional loans, and vary from investor to investor, making them harder to navigate.


You may be eligible to qualify for a jumbo loan if you can meet these requirements:

  • Have a decent credit score (680 and above)
  • Have a low debt-to-income (DTI) ratio (under 43% at least)


  1. Jumbo loans can assist you in borrowing the money needed to purchase pricier properties.
  2. You can choose from a variety of different loan programs that may give you flexibility on your loan terms.
  3. You can borrow the full amount of money from one loan instead of having to break it up into two different loans for buying a higher-priced home. This may allow you to have better interest rates.

One thing to keep in mind: these loans will naturally come with higher interest rates. To qualify, a good credit history is essential, so double check all credit reports for any potential inaccuracies. In general, being accepted for a jumbo loan is difficult, so you must also be able to prove that your income is high enough to be able to afford monthly mortgage payments.

 Feel free to Contact Rene Ruiz today for any inquiries about jumbo loans!


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