New Jumbo Home Loan
A Jumbo home loan is for larger mortgages that fall outside of the government-backed requirements (or conforming requirements) defined by Freddie Mac and Fannie Mae. In most counties, the 2021 conforming loan limit is $548,250. This new Jumbo product is available to qualified buyers in Utah, Arizona, New Mexico, Nevada, Colorado, Idaho, Washington, and Oregon. We offer other Jumbo loan options in other states. Please check with your Intercap loan officer for your specific county limits and best mortgage options for your location and situation.
This new Jumbo Home Loan program has the following features and requirements for qualified buyers:
- Up to $650,000 loan limit, and $684,000 total purchase price
- As little as 5% down (95% loan-to-value)
- Minimum 700 FICO score
- No higher than 43% debt-to-income ratio
- Qualified self-employed buyers acceptable
- A second home option up to $1 million is available with 20% down payment (80% LTV)
- Mortgage insurance is required with down payments less than 20%
Is a jumbo mortgage right for you?
If you can afford the monthly mortgage payment of a higher-value home but don’t have enough down payment to meet the conforming limits of a government-backed loan, a Jumbo mortgage is likely the right product for you. Jumbo mortgages still require similar credit score, down payment, debt-to-income, and closing costs as conforming loans.