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Jumbo Loans

Jumbo Loans are a type of loan that exceeds the conforming loan limit. These loans are for homes with higher prices and more in the ‘luxury” category. Scroll down to learn more or APPLY TODAY.

Jumbo Loans

Jumbo Loans are a type of loan that exceeds the conforming loan limit. These loans are for homes with higher prices and more in the ‘luxury” category. Scroll down to learn more or APPLY TODAY.

Picture of wicker vases in a bright house that you can buy with a Jumbo loan
Picture of wicker baskets in a big bright home that you buy with a jumbo loan

Jumbo Loan Requirements

  • A 700 or above credit score is ideal. However,  newer programs have introduced options with lower requirements.
  • A low total debt-to-income ratio (around 42%)
  • A substantial savings to cover closing costs
  • Residual savings to cover 2-6 months of mortgage payments
  • 2 years worth of W-2’s
  • Federal Tax Returns

Jumbo Loan Interest Rates

Jumbo loans used to have higher interest rates than your conforming home loans. However, in the past few years, that gap has been closing, as investors seek opportunities to invest in alternative mortgage products than Fannie, Freddie, and Ginnie Mae offer.

Money on a table when talking about jumbo loan interest rate
Jumbo loan interest rate money

Jumbo Loan Interest Rates

Jumbo loans used to have higher interest rates than your conforming home loans. However, in the past few years, that gap has been closing, as investors seek opportunities to invest in alternative mortgage products than Fannie, Freddie, and Ginnie Mae offer.

Jumbo Loan Down Payments

Thankfully, the past few years we’ve seen jumbo loan down payment requirements drop from 30% of the home loan to as little as 5%. While we can’t ever control this or promise it will always be this way, we’re excited this is the trend we’re seeing.

Is the Loan Right for You?

It all depends on your collective wealth from assets, cash, investments, debt-to-income ratio, credit score, and down payment amount. If you think you are looking at a house over $484,350, this might be the right loan.

Is The Jumbo Loan Right for You?

It all depends on your collective wealth from assets, cash, investments, debt-to-income ratio, credit score, and down payment amount. If you think you are looking at a house over $484,350, this might be the right loan.

We’re Here to Help

Contact Us

Strategic Mortgage Solutions offers a suite of jumbo loan products for Oregon home buyers including Premiere, Select, and Choice. Through these three options, we provide our clients with choices in how they would like to structure their loan based on eligibility. With each choice, flexibility with eligibility requirements are considered.

Contact us today with further questions or APPLY TODAY.

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927 Country Club Rd. Suite 225
Eugene, Oregon 97401

(541) 275-1148

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927 Country Club Rd. Suite 225
Eugene, Oregon 97401

 

(541) 275-1148

Like Us on Facebook!

LinkedIn