Home mortgages for the largest loan amounts.
CURRENT CONFORMING LOAN LIMIT: $625,000
Here at Arizona Lending Group, we offer the following on our Jumbo products:
- Industry-leading turn times – averaging just 25 days for a jumbo product
- Competitive loan rates and guidelines
- Guidelines and rates can vary significantly from lender to lender
on a jumbo product, which is why it’s so important to shop with
Arizona Lending Group – we shop your loan for you to make
sure you’re getting the lowest rate and best terms.
- Loan amounts up to $3,000,000 – purchase or refinance
- Available for primary residences, second homes, and investment
What is a Jumbo Loan?
Jumbo loans are mortgage loans with credit quality that exceeds conforming loan limits. In general, a jumbo mortgage is for a home that costs more than $1 million. In some cases, a borrowers’ credit score is higher than the standard conforming loan limit. As the name implies, a judo mortgage has a higher credit quality and may have better terms for the borrower.
A jumbo mortgage is a non-conforming loan, meaning that the amount of the loan exceeds Fannie Mae or Freddie Mac limits. Because it is not subject to the same stringent underwriting standards, jumbo mortgage lenders can impose their own requirements on borrowers. Some may require a 20 percent down payment, while others may allow borrowers to put down as little as 5 percent.
If you are interested in applying for a jumbo loan, you should begin by seeking out a lender through your bank. Lenders who work with banks can be more likely to approve your application than those who work with other companies. However, a jumbo lender may refer you to a lender that is not affiliated with your bank. You may also want to contact your local mortgage broker. He or she may know of a specialized jumbo lending company.
A jumbo loan has higher credit requirements than conforming loans. In general, a jumbo mortgage requires a higher credit score than a conventional loan. A minimum credit score of 620 or higher is needed for a jumbo loan. In addition, lenders generally look for a debt-to-income ratio of less than 43 percent. It is important to note that a jumbo mortgage can be difficult to qualify for, but it’s not impossible.
What types of homes can I purchase with a Jumbo loan?
Jumbo loans allow you to purchase most types of residential real estate, including single-family homes, condominiums and townhomes, and 2-to-4 unit properties. These can be primary homes, second homes, or even investment properties.
Jumbo loans typically require sizeable down payments for the most competitive options — 20%-to-25% for primary homes and as much as 35%-to-40% for investment properties.
Let Arizona Lending Group Assist You With Your Jumbo Loan!
Our experienced mortgage professionals will review your complete financial profile, including your income, assets, and credit to make it simple & easy.
Mortgage Broker in Scottsdale, AZ
“ARIZONA LENDING GROUP, INC., AZ MB-1023670 & NMLS 2137491. THE PRINCIPAL AND INTEREST PAYMENT
ON A $203,500 30-YEAR FHA FIXED-RATE LOAN AT 2.625% AND 96.5% LOAN-TO-VALUE (LTV) IS $974.31. THE
ANNUAL PERCENTAGE RATE (APR) IS 3.703% WITH ESTIMATED FINANCE CHARGE OF $5,600. PAYMENT
INCLUDES A ONE-TIME UPFRONT MORTGAGE INSURANCE PREMIUM (MIP) AT 1.75% OF THE BASE LOAN
AMOUNT AND A MONTHLY MIP CALCULATED AT 0.85% OF THE BASE LOAN AMOUNT. THE 0.85% MONTHLY
MIP IS REQUIRED FOR A SPECIFIC PERIOD OF TIME REGARDLESS OF YOUR DOWN PAYMENT OR EQUITY IN
YOUR HOME. THE PRINCIPAL AND INTEREST PAYMENTS, WHICH WILL CONTINUE FOR 360 MONTHS UNTIL
PAID IN FULL, DO NOT INCLUDE TAXES AND HOME INSURANCE PREMIUMS, WHICH WILL RESULT IN A HIGHER
ACTUAL MONTHLY PAYMENT. RATES CURRENT AS OF 10/26/2021. SUBJECT TO BORROWER APPROVAL.”