Jumbo mortgages are a completely different category of home mortgages. Currently we have excellent jumbo pricing in the 3’s. Jumbo mortgages are used when the loan amount is over $647,200
Usually guidelines are a tad tighter compared to conforming loans (under $548,250) because there is more of a risk for the lender.
Guidelines usually require at least a 700 median credit score with proof of income and 10-12 months reserves after closing
In 2020 many hedge funds stopped offering the Jumbo mortgage because there was plenty of uncertainty due to the economic affects of the corona-virus.
In 2021 my favorite lender and also the largest wholesale lender in the country has come out with a great jumbo at excellent pricing.
Anyone holding a jumbo loan should be looking at a mortgage tune up in 2021. All that I need to know, to show you the savings, is your current mortgage balance and current interest rate.
If you need a loan less than $548,250.01 please look at conforming loans
