Jumbo Loans

Jumbo loans, by definition, are large loans. They are considered higher risk and usually are financed at a higher interest rate. However, they do not carry mortgage insurance. These loans are loans over the $715,000.00 Conventional threshold, unless in High Cost Counties. Then the Jumbo Loans will be over $1,073,000.00.

These loans will start at 89.9% loan to value with NO MI. They will also require a second appraisal when the mortgage loan is above a certain amount per the Lender’s Guidelines. Credit Scores are also of greater importance on Jumbo loans, usually requiring at least a 680 or higher credit score. As the loan size increases, the required credit score increases as well.