Jumbo Loans
Financing for Your Dream Home
With our expertise and personalized approach, we make obtaining a jumbo loan a seamless experience.
Secure Financing for Your Dream Luxury Home
Supreme Mortgage specializes in jumbo loans, offering you the financing solutions you need to make your dream home a reality. Whether it’s a spacious estate or a luxury penthouse, our jumbo loan options can accommodate your unique requirements.
The Buying Process
Once you have completed our Apply Now form, we will guide you through a process consisting of four steps.
Review
We will review your application and then contact you to discuss the next steps in the loan process.
Pre-Approve
Once pre-approved, we’ll help you select the loan that meets your needs. We will then order an appraisal and send initial loan disclosures.
Verify
You provide us with documentation of the information you submitted in your application. We’ll verify and approve your loan for closing.
Close
After signing the closing documents, we’ll coordinate the loan closing and fund your loan. It’s just that simple!
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Are you in the market for a high-value luxury property?
Supreme Mortgage is here to assist you. Our jumbo loan options provide the necessary funds and flexibility to match your unique requirements.
What Are Jumbo Loans?
A jumbo loan is a type of mortgage loan that exceeds the conventional loan limits set by Fannie Mae and Freddie Mac, the government-sponsored enterprises that establish standards for home loans.
These loan limits vary by location but are generally set at $548,250 or higher (as of 2021). Jumbo loans are specifically designed to finance high-value properties that surpass these limits, allowing borrowers to purchase or refinance their dream luxury homes. Key features of Jumbo Loans:
Higher Loan Amounts: The primary characteristic of jumbo loans is that they offer financing beyond the limits of conventional mortgages. With jumbo loans, borrowers can secure the necessary funds to match the price tag of their desired luxury homes, which often exceed the conforming loan limits.
Flexibility and Customization: Jumbo loans provide borrowers with more flexibility and customization options compared to traditional mortgages. Lenders offering jumbo loans understand the unique needs of high-value property buyers and offer a variety of loan programs to suit different financial situations and goals.
Competitive Interest Rates: Despite the larger loan amounts, jumbo loans often come with competitive interest rates. This allows borrowers to enjoy favorable borrowing terms and affordable monthly payments while financing their luxury homes.
Stringent Requirements: Jumbo loans typically have more stringent qualification criteria compared to conventional loans. Lenders often require a higher credit score, a larger down payment, and proof of sufficient income and assets. These requirements help mitigate the risks associated with larger loan amounts.
Variety of Property Types: Jumbo loans are not limited to a specific type of property. Whether you’re looking to purchase a luxurious single-family home, an expansive estate, a high-end condominium, or any other upscale property, jumbo loans can accommodate your unique needs.
Easier Qualifications for Jumbo Borrowers
Contrary to common misconceptions, qualifying for a jumbo loan is more accessible than you might think. While jumbo loans typically involve larger loan amounts, Supreme Mortgage offers easier qualifications to make the process smoother for jumbo borrowers.
Strong Credit History: Although a good credit score is important for any loan, jumbo borrowers may find it easier to qualify with a slightly lower credit score compared to conventional loans. We take into consideration the unique circumstances of high-value property purchases.
Higher Debt-to-Income Ratio Allowance: Jumbo loans often allow for a higher debt-to-income ratio, which means borrowers can allocate a larger portion of their income towards mortgage payments. This flexibility can be advantageous for those with a higher level of existing debt or other financial obligations.
Asset Reserves: Lenders typically require jumbo borrowers to have sufficient reserves or liquid assets. This requirement ensures that borrowers have additional funds available to cover unexpected expenses and maintain financial stability while owning a luxury property.
Alternative Income Documentation: Jumbo borrowers with complex income structures, such as self-employed individuals or those with irregular income, may find it easier to qualify. Our team at Supreme Mortgage has experience working with various income scenarios and can help navigate the documentation requirements.
Liquid Assets Count
When applying for a jumbo loan, lenders often require borrowers to demonstrate sufficient liquid assets.
Liquid assets refer to funds that are readily available and easily accessible, typically in the form of cash, savings, or investments that can be quickly converted into cash without significant penalties or restrictions. These assets serve as a financial safety net and provide assurance to lenders that borrowers have the means to cover mortgage payments and other expenses associated with owning a high-value property.
Lenders consider liquid assets as an important factor in jumbo loan qualification due to the higher loan amounts and the potential risks associated with financing luxury properties. By requiring borrowers to have liquid assets, lenders can ensure that borrowers have the financial stability to handle unexpected expenses and maintain their mortgage payments even during financial fluctuations.