Jumbo Mortgage Loans

Jumbo Mortgage Broker New York, NY

Based in New York City for Over 15 years, BFR is an expert in Jumbo financing.

What is a Jumbo Mortgage?

Jumbo loans are home mortgage that exceed conforming loan size limits. Jumbo mortgages are used as a means to purchase a higher-priced or luxury home. Borrowers are required to have a low debt-to-income ratio and a high credit score.

For 2022, the conforming loan limit has been raised to $625,000 (raised from $548,250) in most areas of the country, but jumbo mortgages can exceed these limits. If you’re considering buying a luxury or high-priced home, a jumbo mortgage might be the correct choice for you.

Bear in mind, if the home you are considering purchasing is in a high-cost area, you may still qualify for a conforming adjustable rate or fixed rate mortgage up to $937,500 (raised from 2021’s $822,375 limit) This middle category of loan limits ($625,001-$937,500) is often referred to as High-balance (Fannie Mae) and Super-conforming).

Contact a mortgage loan officer to determine which mortgage loan is right for your particular needs and to learn more about jumbo loans and jumbo mortgage rates.

Benefits and considerations of Jumbo Loans

Competitive Jumbo Mortgage Interest rates

Jumbo mortgage interest rates are near historic lows in recent years.

Higher Purchases Prices

Jumbo mortgages can exceed the conforming loan limit, currently $625,000 in most parts of the United States.

Jumbo Mortgage Qualifications and Loan Requirements

Financial strength - The borrower(s) typically need to have debt debt-to-income ratio below 43% to qualify for a jumbo mortgage loan. BFR works will lenders that go to 50% debt to income ratio on some jumbo mortgage loans.

Credit Scores - To qualify for a jumbo loan, most lenders require borrowers to have favorable credit scores. This typically means that lenders want borrowers to have a FICO score of 700 or higher. BFR does work with lenders offering jumbo loans for those borrowers with credit scores below 700, assuming there are compensating factors in their favor. An example of compensating factors include low loan to value, high income, and strong assets. There are other guidelines for income and other financial requirements for jumbo loans.

Appraisal – A property appraisal must support the the loan to value requirements of the lender.

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