Jumbo/Non-Conforming Home Loans

Jumbo loans are for people who need to borrower over $424,100. A 10% to 20% down payment is typically required.
Some borrowers find it challenging to qualify for a mortgage given current agency (FHA, VA, USDA and conventional) guidelines. This is when a non-conforming loan may be the solution. Here are a few examples of when a non-conforming loan is used:

 

  • Maybe you have had a recent bankruptcy, short sale, or foreclosure. Current agency guidelines require waiting periods after such credit events before qualifying. Non-conforming loans have qualifying provisions without the waiting periods.

  • Foreign National loans are popular non-conforming loans. These are for people that are not U.S. Citizens and live abroad.

  • Perhaps you are self-employed and need to verify your income with documentation other than tax returns. Non-conforming loans accept alternative documentation.

Jumbo and non-conforming loans typically require larger down payments and have higher interest rates than agency loans.

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