About Jumbo Loans
A jumbo loan is a mortgage loan that exceeds the loan limits for conventional conforming loans. Jumbo loans are typically used to finance expensive properties costing more than $806,500, the maximum amount for a conforming loan in most parts of the country. These loans are considered riskier for lenders due to the lack of government backing, which is why they have stricter requirements.
Benefits
Access to high-end properties, like luxury homes, that exceed conforming loan limits
Competitive lows
Flexible property types
Single-loan convenience
Requirements
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Credit score is usually a minimum of 700, though lenders may require higher or lower
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Down payments of at least 10%, though some lenders require up to 30%
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Debt-to-income ratio of 43%
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Extensive documentation and manual underwriting
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Possibly more than one home appraisal
Secure Your Loan With Everest Lending
Ready to buy or refinance? Contact Everest Lending to determine if a jumbo loan is the right option for you. With over 25 years of home loan experience, our team guides you through your mortgage options and the application process, helping you secure funding for your new home.
Service Areas
Trusted Mortgage Solutions Near You
Everest Lending proudly serves clients across Pennsylvania with a full range of mortgage and lending solutions. Whether you’re purchasing a new home, refinancing, or securing funding for a property investment, our trusted team is here to guide you every step of the way. And since we’re local, we can even attend closings in person to ensure everything goes smoothly.