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Jumbo and Super Jumbo Home Loans

Jumbo and Super Jumbo Home Loans

CambridgeHomeLoan.com is proud to cater to homeowner’s and buyers that have a variety of unique financial needs. We take the time necessary to understand your individual needs and match you with the best mortgage product for your home. Take a few moments to learn more about high balance, jumbo & super jumbo mortgages, 

CambridgeHomeLoan.com home loan products, and the qualifications that are required to attain a jumbo loan—while you are at it ask for a free jumbo mortgage rate quote for a home purchase, refinance or cash out refinance. 

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Jumbo Home Loans That Fit Your Needs!

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What is a Jumbo Mortgage

A jumbo home mortgage is a home loan that is in excess of $484,000 and a super jumbo mortgage is a home loan that exceeds $1 million dollars. Here at CambridgeHomeLoan, we can lend $10 million or more on your primary residence and vacation homes. We offer both jumbo mortgages, refinances, as well as cash out refinances.

Following are a few of the jumbo loan programs that we have to offer:

Our Jumbo Mortgage Loan Programs:

Jumbo Adjustable Rate Mortgages (ARMs) 

  • For Jumbo Adjustable Rate Mortgages or (ARM) Interest rates are fixed for 5, 7, or 10 years for our jumbo & super jumbo ARMs; then the interest rate is subject to a possible adjustment according to the at then  index price plus an additional percentage that is written into your loan documents every year for the remainder of the loan.
  • Jumbo and super jumbo ARMs typically provide a lower initial interest rate than a traditional jumbo 30-year fixed rate mortgage.
  • Super jumbo adjustable mortgage rates are available through CambridgeHomeLoan.com for loan amounts of $3 million and higher.

Interest Only Jumbo Mortgages & Interest Only Super Jumbo Mortgages

  • Interest only jumbo loans and super jumbo mortgage loans have a period of time where the borrower is only required to pay the interest on the loan—there is  no obligation to pay any part of the principal of the loan during this period. These mortgages typically allow for a much lower interest only payments for the first 10 years of the mortgage.
  • Interest-only rates are only available on our 5, 7, or 10/1 jumbo adjustable rate programs.
  • After the initial interest only rate period, monthly payments will go towards amortizing (or paying down) the loan for the remaining years of the loan term.

Jumbo Fixed Rate Mortgages & Super Jumbo Fixed Rate Mortgages

  • As the name implies, your principal and interest payments won’t change for the term of the loan with jumbo and super jumbo fixed rate mortgages.
  • These loan types are available in 30, 15 or 20 year terms.

Who Qualifies for Jumbo Home Loans?

Lenders want to seek out those borrowers who are least likely to default on a loan over its lifetime. As such, lenders seek out buyers who have great credit, a good debt to income ratio (DTI), capital for a down payment.
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Your Credit: Lenders compete for borrowers who have great credit, and the better the credit score that you have, the better the interest rate that you can earn on your home loan. To obtain a jumbo or a super jumbo mortgage home loan, you may need to have a credit score of over 700.

Your Debt to Income Ratio: Borrowers are required to be making more money than they’re spending. The borrowers debt obligations in total should only account for approximately 40 percent or less of your total income. Lenders seek borrowers who can pay their monthly interest, taxes, and insurance with their income.

Your Capital: If you’re purchasing a home with a jumbo or super jumbo loan, you’ll need to have enough capital to put down a down payment. Plan on putting down around 20 percent or more of the value of the home that you’re purchasing. If you’re borrowing a larger amount, you may have to put 25 to 30 percent down on your home. Call us if you are considering less than 20%.

If you’re re-financing, you’ll also need to have more than 20 percent equity or more in your home to obtain a jumbo or super jumbo mortgage rinfinance.

Other factors: Our underwriters may also look at your income history, as well as your employment history, to assess the consistency of your income. If you’re considering quitting your job or switching jobs, it may be in your best interest to wait until after obtaining a mortgage loan.

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Jumbo Mortgage FAQ

How do Jumbo Home Loans differ from traditional loans?

Unlike traditional loans, jumbo and super jumbo loans are completely privatized and they are not backed by Fannie Mae or Freddie Mac, government entities that secure mortgages.  Because they are not subject to the same government guidelines, jumbo and super jumbo loans aren’t subject to some of the rules put forth by Freddie and Fannie.  Since jumbo and super jumbo loans exceed the highest attainable traditional or conventional loan value ($453,100), these loans are not government backed.

Are the rates higher for jumbo home loans?

At the present time, jumbo mortgage loan rates are comparable to traditional loans— you may even be able to attain a better rate with a jumbo loan. If you’re curious about the rates of our mortgages, you can get a jumbo mortgage rate quote today! HERE

What Kind of property can I purchase with a Jumbo Home Loan?

CambridgeHomeLoan.com  loans can be utilized to purchase or refinance a primary residence as well as a vacation, secondary residences and investment properties.

Do Lenders look at my taxes?

Maybe, there are certain types of  loans for jumbo and super jumbo home loans that are available from CambridgeHomeLoan.com that do not require tax returs. 

Traditionally a lender will look at the previous two years tax returns. The tax returns are utilized to analyze a borrower’s income to make sure that it is consistent and adequate to pay down the mortgage. 

We do have bank statement only products, Business Bank Statement only, home loans, Personal statement only loans,  Asset only home loans and a number of products that will fit just about any need.  You can call 800-826-5077 to learn more or fill out a rate quote form HERE, to get more information with no obligation.

What are reserves and why do they matter?

Reserves include all of the money that you have sitting in your financial accounts.  Your lender will assess the amount of reserves that you have, and ensure that you have enough reserves to cover several months of mortgage payments to discourage a default in the event of uncertainty.

Can I use jumbo loan funds for a home remodel?

Yes, jumbo mortgages are available for home remodeling. You can utilize a jumbo home loan to fund certain home improvement projects. Talk with your lender here at CambridgeHomeLoan to learn more about jumbo loans for renovations.

Why is my lender requesting two appraisals?

For loans that exceed one million dollars, lenders often request an additional  appraisal of the home to ensure that the property is truly worth the value at which it’s being purchased. Since the home serves as collateral to the lender, it’s important to have a fair assessment of the home value in the event that the borrower should default on their loan.

Is there more scrutiny if i borrow more money?

Yes, since your lender is assuming more of a risk, they will be more thorough in analyzing your financial situation. Once again, for loans exceeding one million dollars, your lender may require a lower debt-to-income ratio (DTI) and higher credit score from the home buyer than a conventional loan.

Expert Mortgage Loan Advice

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