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The Jumbo Loan

Financing a higher value property? If your mortgage loan exceeds the conventional loan limit ($726,200 or up to $1,089,300 for certain high-cost markets in 2023), then a jumbo loan might be the option for you. Down payment requirements vary on these loans, but there are options even if you’re buying In a high value market and don’t have 20% down.

Jumbo Loan FAQ

What is a jumbo loan?

Jumbo loans are a mortgage product that can be used when a buyer has exceeded the traditional limits for a conventional loan. In 2023, that loan limit is $726,200 or up to $1,089,300 for certain high-cost markets (i.e., Los Angeles, CA).

What is the limit on a jumbo loan?

Although they vary by lender, Jumbo loans are often capped at $3 million. However, Next Level Lender can do jumbo loans up to $5 million ($4 million for VA Jumbo loans). We have other loan products for you over these amounts as well.

How do interest rates compare on a jumbo loan vs a conventional loan?

Interest rates always vary based on each individuals’ circumstances, but generally a jumbo loan will have slightly higher interest rates due to risks associated with lending larger amounts of money. Recently, jumbo loan interest rates have become more competitive then in years past.

Can I buy a second home or investment home with a Jumbo loan?

Yes! You can use a jumbo loan product to buy an additional residence or investment property. It is an ideal loan product to use for your vacation home or even just your primary residence.

Are the requirements for a jumbo loan different from a conventional loan?

Typically, jumbo loans will require a higher down payment and a good credit score. Just like a conventional loan though, you’ll need to confirm you have a steady source of income and have a good DTI (Debt-to-income) ratio.

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Whether you are looking for a solution for your clients or looking to grow your business or just find out more about us - a simple first step in the right direction is a quick call with us so we can get the ball rolling!