Jumbo
Loans
Jumbo Loan Requirements for 2023
Now it’s easier than ever to buy or refinance a home between $726,200 and $10 million.
What is a Jumbo Loan?
A jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA). Generally, borrowers must undergo more rigorous credit requirements than those applying for a conventional loan.
When do Jumbo Loans Come into Play?
As of 2023, the Federal Housing Finance Agency raised the maximum conforming loan limit for single-family property to $726,200 and in high-cost areas $1,089,300. That means that depending on your area, loan amounts above $726,200 could be considered "Jumbo."
Click the link below to see a map showing the 2023 maximum loan limits across the U.S.
Arcstone Jumbo Loan Benefits
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Fewer requirements and a simpler process (compared to previous jumbo loans) make it easier to get a big loan.
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Purchase a home with a down payment greater than 10%.
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Unlike many conventional loans, no mortgage insurance is required, even when your down payment is less than 20%.
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Jumbo loans are available for primary homes, second homes, and investment properties, located on up to 20 acres.
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We offer a 30-year fixed interest rate on our jumbo mortgages.
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Jumbo loans are available for both one-and two-unit properties.
Jumbo Loan Requirements
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Must have a credit score of 680 or above.
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Must have a debt-to-income (DTI) ratio of 43 percent or less.
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Must have reserves as much as 20% of the amount of the loan. Others might need to have as much as 18 months of principal, interest, taxes, and insurance on hand.
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