• Darren Ferlisi
    Mortgage Loan Originator
    NMLS ID# 139611
    Office Phone: (240) 415-5065
    Cell Phone: (301) 448-0749
    Email: dferlisi@ihmcloans.com

  • Jumbo Loans

  • Jumbo mortgages are home loans that exceed conforming loan limits.  If you are thinking about buying a high-priced or luxury home, check into jumbo home loans.

    The requirements and guidelines include: 

    • Good credit history – Conventional loans are a good choice for borrowers with very good credit.This generally means a FICO score of 700 or higher.
    • Financial strength – When applying for a jumbo mortgage, the maximum debt-to-income ratio for jumbo loans is 45 percent. The required reserve amount for jumbo loan borrowers can be as high as 20 percent of the value of the loan.
    • Larger down payment – There is no private mortgage insurance option with a jumbo mortgage. The required down payment will be larger - typically 20 percent.
    • Property appraisal – The property appraisal must support the purchase price for the home and the mortgag

    The limit on conforming loans is $424,100 in most areas of the country, but jumbo mortgages can exceed these limits. Even so, if you're considering a home in a high-cost area, you may still be able to obtain a conforming fixed-rate mortgage or adjustable-rate mortgage for up to $636,150. FHA loans have limits up to $729,750.


    For more information on Jumbo Loans, give us a call or complete the online application.