Jumbo Loans
A jumbo loan mortgage is one whose loan amount is higher than the loan limits set by the FHFA. We’re talking homes worth $900,000-$2,500,000. These loans typically come with a higher interest rate, stricter underwriting rules (including a higher credit score requirement) and require a larger down payment than your everyday home loan.
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10% Minimum Down
At Clarity Home Lending, we offer a range of Jumbo mortgage products designed to cater to your specific needs. While our Jumbo loans typically require a minimum of 10% down payment, we highly recommend considering a down payment of 20% or more for an even more advantageous rate.
By providing a down payment of 20% or higher, you demonstrate a greater level of financial commitment, which often translates into a lower interest rate. This reduced rate can result in significant savings over the term of your loan, helping you secure a more affordable monthly payment.
Requirements
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660+ FICO
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Up to 43% DTI and up to 80% CLTV
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Eligible on primary and second home purchases, rate/term and cash-out refinances
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For Purchase and Rate/Term Refinances
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9 months of reserves required.
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Two separate appraisals from two different appraisers required for loan amounts over $2M
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Temporary Rate Buydowns not permitted, however buying points are allowed.
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Loan Size
Loan size ranges from $1 over the current confirming loan limit ($766,550 as of 2024) to $2,500,000.
Credit Score & DTI
Our jumbo products require at minimum a 660 FICO score. Our Jumbo programs range from 43%-50% DTI depending on FICO and down payment. Please inquire with an Clarity Home Lending Loan Officer for more information.
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