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.

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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.

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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