Jumbo loans · For higher-priced homes
Buying above the limit? Here’s the loan made for it.
A jumbo loan covers amounts above the conforming limit for your county, for a home you live in, a second home or an investment. It takes a closer look at your finances, and a well-prepared file up front keeps the process smooth.
What to know.
The essentials, in plain English.
- One loan above the limit
- Finance the whole amount in one loan, without stacking a second mortgage on top of a conventional one.
- Choices that fit how long you’ll stay
- Choose a fixed rate, or an adjustable one that starts fixed for a set period, to match how long you plan to keep the home.
- Your home, a second home or an investment
- Jumbo loans can finance the home you live in, a vacation property or a rental.
- A file built to hold up
- Jumbo underwriting looks closely at income, assets and reserves. Your loan officer organizes your file with you up front, so an underwriter’s questions don’t catch you off guard.
What happens after you press the button.
- Your loan officer reaches out
- Christine reads what you send personally and gets in touch to talk it through.
- What you’ll talk about
- Your price range, income, assets and reserves, and whether the home is your main home, a second home or an investment.
- What to have handy
- A rough idea of your income, your assets and the price range you’re shopping in.
Who it fits
Buyers and owners of higher-priced homes with strong credit and solid savings.
- Buyers of homes above the conforming limit
- Second-home buyers
- Investors
- Owners refinancing a larger loan
What you’ll need
Jumbo files are thorough. Your loan officer confirms the list with you.
- Pay stubs, W-2s and tax returns
- Statements for your bank, brokerage and retirement accounts
- Details of any other properties you own
- A photo ID
Common questions
When do I need a jumbo loan?
When the amount you borrow is above the conforming loan limit for your county, which is set each year.
Jumbo or a conventional loan with a second mortgage?
Some buyers pair a conventional loan with a second mortgage instead of one jumbo loan. It can work, with two payments and two sets of terms to weigh. Your loan officer can price both.
Are jumbo loans harder to get?
They look more closely at credit, income and savings, because no government agency backs them. A clear picture of your finances up front makes the process smoother.
How much do I need in reserves?
It depends on the lender, the loan amount and the property. Reserves are the savings you still have after closing, counted in months of mortgage costs, and your loan officer can tell you what your loan will need.
Do jumbo loans need a larger down payment?
Usually more than a conventional loan asks for, though it varies by lender and loan size. Your loan officer can show you the options, with the full terms of each.
Can I choose an adjustable rate on a jumbo loan?
Yes. Many jumbo borrowers choose an adjustable rate that stays fixed for an initial period. Your loan officer can compare fixed and adjustable options side by side.
Will I need two appraisals?
Some jumbo loans need a second appraisal, usually at higher loan amounts. Your loan officer will tell you whether yours does.
Will checking my options affect my credit?
Answering a few questions doesn’t check your credit. A credit check comes later, only with your permission, and your loan officer can explain how it may affect your score.
What if I don’t qualify?
Your loan officer can show you other ways to structure the purchase, such as a larger down payment or a different loan, and what would change the answer.
What does a jumbo loan cost?
Closing costs such as lender fees, title charges and one or two appraisals. Your Loan Estimate lists every cost before you commit.
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17 reviews of EQ Mortgage Group | Christine Amoah on Google
Arlington families,
in their own words.
“I had the best experience with Christine, she was very knowledgeable, guided my family and I through the process of home purchase and made sure that all our paperwork were in order. She was also great in keeping us updated with the process.”
T T
“I had an excellent experience working with Christine. She is highly knowledgeable, professional, and always took the time to explain each step of the lending process clearly.”
Seraphine Mwi
“★★★★★ Great service! Christine was knowledgeable, responsive, and made the loan process smooth. Thank you!”
uwimana zaituni
“I want to give a huge thank you to Christine for all of her help throughout my home buying journey.”
Mutara Tunga
“Excellent experience with Christine. So helpful and professional. If I have the opportunity to work with any loan officer again, it will definitely be Christine.”
Bankole Adedayo
“I had a very good experience with Christine, she made my process very easy. Her communication is very strong. I highly recommend her.”
MweneKamarampaka 3
“I love the way she talks to me when I have questions she always answers right away and she knows what to do. She’s very good. She’s taking good care of the customers. I was happy working with her”
Uwineza Espe
“Christine Amoah is amazing! As a first-time buyer I had a lot of questions and she made everything so simple and stress-free. She was responsive, patient, and fought to get me the best rate. Communication was 10/10 - I never had to wonder what was happening.”
Cyusa Tunga
“I am so glad and proud we were able to find and work with Christine. Her way of taking time and answer our question and offer help wherever it was needed is unmatched.”
Provie Umugwaneza
“Thank you, Christine, for your great service and cooperation. You have always been ready to answer our questions, provide helpful guidance, and share valuable advice throughout the process. We truly appreciate your support and dedication.”
Alexis
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with your financing ready.
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