Jumbo Mortgage Loan Options
A jumbo mortgage finances an amount above the conforming loan limit for the property’s county. Eligible borrowers can use jumbo financing for a primary residence, second home, or other property type when the lender’s program permits it.
NorthStar Funding reviews jumbo mortgage options with eligible borrowers. The lender and complete loan file determine available loan amounts, down payment or equity, occupancy, property type, reserves, credit, income, assets, and pricing.
Request a jumbo mortgage review or contact NorthStar Funding.
When a jumbo mortgage may fit
- For example, the purchase price or financing need can exceed the local conforming loan limit.
- In addition, a borrower may purchase or refinance a higher-value primary residence or second home.
- Borrowers also may have income, assets, and reserves that meet the lender’s underwriting requirements.
- Finally, borrowers can compare available fixed-rate and adjustable-rate structures.
What lenders review for jumbo financing
First, a lender reviews the full loan file. It may evaluate income documentation, employment or business history, assets and reserves, credit history, liabilities, property appraisal, occupancy, loan purpose, and other program requirements. Current lender guidelines set eligibility and terms.
Jumbo mortgage FAQs
What makes a mortgage a jumbo loan?
A jumbo loan exceeds the conforming loan limit for the county where the property sits. Because limits vary by county and can change, a loan professional confirms the property location and current limit during the review.
Can I use a jumbo mortgage to purchase a second home?
Yes, some lenders offer eligible jumbo options for second homes. However, the lender evaluates the property, occupancy, credit, assets, and complete application before it makes a decision.
Are fixed and adjustable rates available?
Availability varies by program. Therefore, a review can compare eligible fixed-rate and adjustable-rate options, including payment structure and risk considerations.
Can I use a HELOC or home equity loan with a jumbo mortgage?
Some transactions use a first- and second-lien structure. Still, the lender determines availability, lien position, combined loan-to-value, and other requirements from the complete file. For an example of a simultaneous first-and-second-lien structure at purchase, see our 80/10/10 and 75/15/10 comparison. Whether either structure is available for a particular jumbo transaction depends on the current lender and complete file.
Start an application · Purchase options · Refinance options · Contact NorthStar Funding · Call (800) 917-1595
This page provides general information; it is not a commitment to lend. All loans remain subject to credit, property, income, underwriting, and applicable legal requirements.
For current federal information about conforming loan limits, see the Federal Housing Finance Agency’s conforming-loan-limit information.