JUMBO LOANS
WHAT IS A JUMBO LOAN?
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan varies by county and is determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.
Also called non-conforming conventional mortgages, jumbo loans are considered riskier for lenders because these loans can’t be guaranteed by Fannie and Freddie, meaning the lender is not protected from losses if a borrower defaults. Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.
DOCUMENTS NEEDED FOR JUMBO LOANS
See below for documents that you may be asked for during the loan application process; however, your loan officer may also request additional documentation.
Employment
-
W-2 & 1099 Statements for Past 2 Years
-
Pay-Check Stubs for Past 2 Months
-
Self-Employed Income Tax Returns for the Past Two Years and YTD Profit & Loss Statements
Assets & Credit
-
Complete Bank Statements for all Accounts for Past 2 Months
-
Recent Account Statements for Retirement, 401k, Mutual Funds, Money Market, Stocks, etc.
Personal
-
Drivers License
-
Social Security Card
-
Any Divorce, Alimony, or Child Support Papers
-
Green Card or Work Permit (if applicable)
-
For Other Properties Owned: Mortgage Statements, Homeowners’ Insurance (HOI), Taxes, and Association Dues Information
Refinancing or Own Rental Property
-
Note from any Current Loan
-
Property Tax Bill
-
Hazard Homeowners Insurance Policy
-
Mortgage Statement for Current Mortgage
-
Rental Agreements for any Rented Properties