• Financing for high-priced and luxury homes
  • Good option for self-employed buyers
  • Available for primary residences, second homes and investment properties
  • Flexible down payment minimum of 5% on loans up to $2 million
  • Mortgage insurance is not required
  • Jumbo cash out refinances up to 95% loan to value with no mortgage insurance
persons hand holding a house made of dollar bills

A jumbo rate loan is a loan that exceeds conventional or conforming loan limits (the amount Fannie Mae and Freddie Mac will buy) and is a great loan for purchasing a high-priced or luxury home. If you have a lower debt-to-income ratio, a higher credit score, and a larger down payment – a jumbo rate loan may be right for you.

In most housing markets that amount is $417,000 and any mortgage more than that is a jumbo mortgage loan. Jumbo loans are available for primary residences, second or vacation homes and investment properties and are also available in a variety of terms.

They are offered in both fixed-rate or adjustable-rate loans and may have higher interest rates than conforming and conforming high-balance home loans. Jumbo loans may also require stricter underwriting and typically require a higher down payment, higher credit score and reserves. Jumbo rate loans have no private mortgage insurance requirements.  The perks of the jumbo rate loan are numerous.