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    • Home
    • Purchase
    • First Time Buyer
    • Why Align?
    • Apply Now/ Calculator
    • Blog
    • Products
      • Conventional Loans
      • FHA Loans
      • VA Loans
      • USDA Loans
      • Jumbo Loans
      • Cash-Out Refinances
    • Contact Us
    • About
      • Testimonials
      • FAQs
      • About
      • Careers
  • Home
  • Purchase
  • First Time Buyer
  • Why Align?
  • Apply Now/ Calculator
  • Blog
  • Products
    • Conventional Loans
    • FHA Loans
    • VA Loans
    • USDA Loans
    • Jumbo Loans
    • Cash-Out Refinances
  • Contact Us
  • About
    • Testimonials
    • FAQs
    • About
    • Careers

Jumbo Loans

If you’re looking to purchase a home in a more expensive housing market, you may need to secure a Jumbo mortgage for a higher price to lock in the deal. 

What is a Jumbo Loan?

A Jumbo loan is a mortgage used to finance properties exceeding the Federal Housing Agency (FHFA) limits of $647,200. These loans are typically riskier for lenders because they aren’t guaranteed by Fannie Mae or Freddie Mac and often have a higher level of underwriting scrutiny due to the loan amount. 

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Benefits of Applying for a Jumbo Loan

Benefits of Applying for a Jumbo Loan

Benefits of Applying for a Jumbo Loan

Due to the increased demand in the housing market, jumbo loans are becoming more popular because they offer the following benefits:


  • Allows you to borrow more than $647,200 and up to $970,800
  • The downpayment can be lower than 20% with private mortgage insurance (PMI)
  • Opportunity to purchase a larger home or own more land
  • Provides purchase power in more desirable housing markets
  • Offered in a fixed or adjustable-rate with a variety of terms

Qualifying for a Jumbo Loan

Benefits of Applying for a Jumbo Loan

Benefits of Applying for a Jumbo Loan

With stricter underwriting restrictions for jumbo mortgages, there is a specific criteria and borrower type who can qualify, such as:


  • A credit score of 700+
  • A debt-to-income ratio of 43% and under
  • Verifiable income and employment history for at least two years
  • Verifiable liquid assets for cash reserves that equal six months of the mortgage payments
  • A downpayment between 10%-20% depending on the situation 

Getting Started with Align Lending

 Ready to purchase or refinance your home? Apply today with Align Lending to learn more about your options! 

Apply Now

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