Jumbo Loans

In most of the U.S., the 2019 maximum conforming loan limit for one-unit properties will be $484,350, an increase from $453,100 in 2018. Maximum Loan Amount for High-Cost Areas for 2019 is $ 726,525. High cost loan limits vary by geographic region and these are available at https://www.fanniemae.com/singlefamily/loan-limits

Jumbo loan exceeds a particular county’s conforming high-balance loan limits, or $ 726,526.00+. Jumbo loans tend to have more strict underwriting guidelines because they’re not guaranteed by Fannie Mae or Freddie Mac. Instead, these loans are held by banks or private funds. The guidelines include lower debt-to-income (DTI) ratio requirements, larger down payment, larger cash reserve requirements, and higher FICO score requirements.

If you are thinking about obtaining Jumbo financing or have additional questions about what loan products you may qualify for, you can reach us here, by phone at (805) 371-0431 or by email at ratelock@paylessloansource.com