Silvia Herrera NMLS# 2497009
Loan Program:
Jumbo
jumbo loans are a popular option for borrowers who need to finance high-priced homes or investment properties that exceed the maximum loan limits for conforming loans. They offer flexibility in terms of loan amount and may have competitive interest rates, but they also come with higher down payment requirements, stricter credit and income requirements, and higher fees than conforming loans.
Loan Type
Jumbo loans are non-conforming loans that exceed the maximum loan limits set by Fannie Mae and Freddie Mac for conforming loans.
Down Payment
Jumbo loans may require a larger down payment than conforming loans, typically 10-20% or more, depending on the lender’s requirements and the borrower’s creditworthiness.
Credit Score:
The minimum credit score required for a jumbo loan varies by lender, but most lenders require a score of at least 700.
Loan Limits
Jumbo loans are typically offered for loan amounts that exceed $806,500 (as of 2025) in most areas but can go up to several million dollars.
Interest Rates
Jumbo loans typically have higher interest rates than conforming loans, due to the higher risk for lenders.
Documentation
Jumbo loans may require more documentation than conforming loans, including detailed income verification and asset verification.
Fees
Jumbo loans may have higher fees than conforming loans, including application fees, appraisal fees, and closing costs
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