Jumbo loans · For higher-priced homes
Buying above the limit? Here’s the loan made for it.
A jumbo loan covers amounts above the conforming limit for your county, for a home you live in, a second home or an investment. It takes a closer look at your finances, and a well-prepared file up front keeps the process smooth.
Know your financing before you write an offer on a higher-priced home.
One loan above the limit
Finance the whole amount in one loan, without stacking a second mortgage on top of a conventional one.
Choices that fit how long you’ll stay
Choose a fixed rate, or an adjustable one that starts fixed for a set period, to match how long you plan to keep the home.
Your home, a second home or an investment
Jumbo loans can finance the home you live in, a vacation property or a rental.
A file built to hold up
Jumbo underwriting looks closely at income, assets and reserves. Your loan officer organizes your file with you up front, so an underwriter’s questions don’t catch you off guard.
What happens after you press the button.
Your loan officer reaches out
Larry reads what you send personally and gets in touch to talk it through.
What you’ll talk about
Your price range, income, assets and reserves, and whether the home is your main home, a second home or an investment.
What to have handy
A rough idea of your income, your assets and the price range you’re shopping in.
Who it fits
See my jumbo optionsBuyers and owners of higher-priced homes with strong credit and solid savings.
- Buyers of homes above the conforming limit
- Second-home buyers
- Investors
- Owners refinancing a larger loan
What you’ll need
See my jumbo optionsJumbo files are thorough. Your loan officer confirms the list with you.
- Pay stubs, W-2s and tax returns
- Statements for your bank, brokerage and retirement accounts
- Details of any other properties you own
- A photo ID
Common questions
When do I need a jumbo loan?
When the amount you borrow is above the conforming loan limit for your county, which is set each year.
Jumbo or a conventional loan with a second mortgage?
Some buyers pair a conventional loan with a second mortgage instead of one jumbo loan. It can work, with two payments and two sets of terms to weigh. Your loan officer can price both.
Are jumbo loans harder to get?
They look more closely at credit, income and savings, because no government agency backs them. A clear picture of your finances up front makes the process smoother.
How much do I need in reserves?
It depends on the lender, the loan amount and the property. Reserves are the savings you still have after closing, counted in months of mortgage costs, and your loan officer can tell you what your loan will need.
Do jumbo loans need a larger down payment?
Usually more than a conventional loan asks for, though it varies by lender and loan size. Your loan officer can show you the options, with the full terms of each.
Can I choose an adjustable rate on a jumbo loan?
Yes. Many jumbo borrowers choose an adjustable rate that stays fixed for an initial period. Your loan officer can compare fixed and adjustable options side by side.
Will I need two appraisals?
Some jumbo loans need a second appraisal, usually at higher loan amounts. Your loan officer will tell you whether yours does.
Will checking my options affect my credit?
Answering a few questions doesn’t check your credit. A credit check comes later, only with your permission, and your loan officer can explain how it may affect your score.
What if I don’t qualify?
Your loan officer can show you other ways to structure the purchase, such as a larger down payment or a different loan, and what would change the answer.
What does a jumbo loan cost?
Closing costs such as lender fees, title charges and one or two appraisals. Your Loan Estimate lists every cost before you commit.
Try the numbers.
See the monthly payment for the price and down payment you have in mind. Use the real property taxes and insurance for the home.
Mortgage Calculator
Talk to Larry.
Questions about this loan, answered by phone or in person.
Call or text
Office
5225 Old Orchard Rd. Suite 20
Chicagoland, IL 60077
Reviews
What clients say.
4.8
Larry is a fantastic lender and did a wonderful job with my client. He was very proactive in answering questions before they were asked.
Kevin Stark ·
Larry and his team were great to work with—clear and proactive communication and fees were very reasonable. They worked hard to make sure I received the best deal possible.
Vince Klos ·
Great Experience, Totally will use Larry from New American Funding for all my future business and personal investment's!
Lee Bertucci ·
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Where to go from here.
Make your offer with your financing ready.
Bring Larry the home you have in mind, and plan the purchase together.
(224) 595-8600