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Jumbo Loans

Jumbo loans are a great option for borrowers looking to get a larger-sized mortgage.  The 2023 limit for a jumbo loan is a loan amount over $726,200.  Jay Dacey Mortgage Team offers jumbo loans up to $3 million.

Requirements for a jumbo loan are stricter since the loan amounts are larger.  Jumbo loans are considered non-QM loans, meaning that they are not backed by Fannie Mae or Freddie Mac and each lender will have their own set of requirements.  One of these requirements is reserves; you must have funds in reserve (such as in a retirement account) equal to 3-6 months of the mortgage payment amount.

An appraisal is always required on the property.

Jumbo loans are available for purchase or refinances, in both fixed-rate and ARM options.  If you’re looking in a higher-priced area or have a large monthly housing budget, a jumbo option might be the best fit for you.  Give us a call today or fill out our application here!

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