Jumbo Loan

A jumbo loan is any loan that is above standard lending limits of FHA, VA, or conventional. Loans are offered from $424,000 or higher fixed or adjustable rate.


  • Credit scores: Credit scores as low as 700 may qualify.
  • Reserves: This is the amount of money you have in bank accounts and investments. Banks want to see that you have reserves in case your income stops. It’s counted in months of housing expenses. So, if your proposed house payment including principle, interest, taxes and insurance is $4,000, and your bank requires 12 months of reserves, you’ll have to have $48,000 in the bank, after the down payment and closing costs are paid for.
  • Down Payment/Equity: American Mortgage Corporation allows a 20% down payment depending on property type.
  • Debt-to-Income Ratio: This is the comparison of your income to your total monthly payment including future mortgage payment. American Mortgage Corporation requires you to have a debt-to-income ratio below 43.
  • Income Verification: Many jumbo loan borrowers have their own businesses and are self-employed. Gather your tax returns for the last two years. You’ll need them to prove your income.
  • Flexible Rate and Terms: Quick close times for a purchase or refinance

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