What to Know Before You Jumbo
A jumbo loan is known as a “non-conforming” mortgage because it is for an amount that exceeds the conforming limits set by the county you live in. In most markets, that conforming limit is currently $510,400, so if your refinance exceeds that amount, a jumbo loan may be perfect for you.
As with any standard mortgage loan, jumbo loans come with a series of steps to take. Some of the major qualifications include:
- A debt-to-income ratio lower than 43%
- A credit score above 700
- Cash reserves
- Financial documentation that extends beyond a conforming loan, including full tax returns, W-2s and 1099s.
If your home needs higher loan limit refinance, a jumbo mortgage refinance could be a great option. Contact a local PrimeLending loan officer to learn more about jumbo loans and discover whether a refinance works for you.