Loans
Jumbo Loans
A jumbo loan is a home loan larger than the standard limit for a regular conventional loan. It is used to buy higher-priced homes that need more borrowed than that standard limit allows. Because the loan is larger, lenders check income, debts, credit, and savings more closely. Deb Gontko Klein helps buyers prepare a strong, honest file for a larger loan. Serving home buyers in Arizona, California & Colorado since 2004.
Who it helps
- Buyers of higher-priced homes who need to borrow more than the standard conventional limit.
- Buyers with strong income, a solid credit history, and savings left after closing.
- Buyers refinancing a larger loan, if you qualify.
How it works
Size: A jumbo loan is any loan above the standard limit for a conventional loan in the area. These limits vary by location and change periodically. We can help determine if a jumbo loan is the right fit for you.
Down payment and savings: A larger down payment and savings left after closing, called reserves, may be needed. Generally, the more you need to borrow, the bigger your down payment must be. Most people will need enough savings (reserves) to cover between 6 and 24 months of mortgage payments. However, every situation is unique. Check with us to find out how these apply in your case.
Credit and income: Lenders look closely at credit, income, debts, assets, down payment and how the property will be used.
Things to think about
- A larger loan means a larger monthly payment and more total cost over time. Look at the full cost, not just whether you can qualify.
- Extra documentation is normal for a jumbo loan. Gather tax records, bank statements, and income documentation early.
Questions people ask
What is a jumbo loan?
A home loan larger than the standard limit for a regular conventional loan, used for higher-priced homes.
Is a jumbo loan harder to get?
The checks can be stricter, because the loan is larger. Strong income, credit history, and savings help, if you qualify.
Can I refinance into a jumbo loan?
It may be possible, if you qualify. Ask Deb to compare the full cost with your current loan.
Next step: Buying a higher-priced home? Call Deb at (480) 550-0211 to talk through a jumbo loan, or apply through Planet Home Lending.
Official source: Federal Housing Finance Agency: conforming loan limits
Get Started
Talk with Deb
Tell us what you want to do, and we will call you back with clear next steps. It takes about a minute. Prefer to talk now? Call (480) 550-0211.
Serving home buyers in Arizona, California & Colorado since 2004