Jumbo Loans

Jumbo loans make it easier than ever for borrowers who dream big to own big.

With flexible options, program expertise and superior service, we’ll work with you from application to close to ensure a smooth loan process and create a loan program that meets your financial needs and goals.

What Is A Jumbo Loan?Applying for Jumbo Loans

A jumbo loan is any home loan that exceeds a specific threshold called the conforming loan limit. Currently, the conforming loan limit for a single-family home is $417,000 in the lower 48 states. However, loan limits can go higher in some high cost areas of the continental United States. Hawaii and Alaska both have a conforming loan limit of $625,500.

What Makes Jumbo Loans Unique?

Jumbo loans differ from conforming loans in a number of ways. First, they offer a larger amount of financing than a conforming loan. With this larger loan amount typically comes slightly higher interest rates than conforming loans for lower amounts.

Jumbo Loan Eligibility

The same factors examined when applying for any home loan are looked at when applying for a jumbo loan. However, qualifying for a jumbo loan typically requires higher credit scores, lower debt-to-income ratios, higher reserves and larger down payments than qualifying for a standard conforming home loan.

Jumbo Loan Benefits

There are number of benefits jumbo loans offer when compared to other methods for financing more expensive homes.

Benefits include:
  • Financing available up to $2.5 million
  • The convenience of one loan for the entire loan amount instead of having multiple mortgages
  • Competitive pricing
  • Fixed and adjustable rate mortgage options available
  • Quick turnaround with in-house underwriting

Get Pre-Qualified For A Jumbo Mortgage

Let the experienced professionals at Waterstone Mortgage guide you throughout the entire jumbo loan process. With our expertise and attention to detail, we’ll work with you from application to closing to make your home ownership dreams a reality. Get started with a pre-qualification today!

All loan requests are subject to credit approval as well as specific loan program requirements and guidelines. With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment.