As home prices increase, especially in high-cost markets, Jumbo loans make it possible to finance primary residences, second homes, or investment properties.

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A jumbo loan, or non-conforming mortgage, allows you to purchase more expensive homes with a loan amount above the conforming limit set by the Federal Housing Finance Agency. In most areas of the country, the conventional conforming loan limit for 2023 is $726,200; however, the limit increases to a maximum of $1,089,300, in higher cost county areas.

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If you have a low debt-to-income (DTI) ratio and a higher credit score, but you don’t have enough funds to bring the loan amount under the conforming limit, a jumbo loan might be the right option for you. Highlights of non-conforming loans include:

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• Finance a home over the maximum county loan amount established by the Federal Housing Finance Agency

  • QM loans to $3 million

  • VA government guaranteed loan amounts to $4 million

  • Non-QM loans to $5 million

  • Portfolio Product loans including pledged assets, asset depletion, DSCR (debt service coverage ratio), Cross Collateralize, Bridge-to-Sale

  • Super Jumbo loans to $30 million, with cash-out options
     

• Higher purchase limits allow borrower to purchase more house
   

• Convenience of one loan for the entire loan amount
   

• Primary residence, second home or investment properties
   

• Fixed-rate or adjustable-rate mortgages (ARM)

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If you are interested in Jumbo loan options, please contact Lake Tahoe Mortgage.