Understanding jumbo loan limits
Jumbos are examples of nonconforming loans — conventional mortgages that exceed the loan limits set by the Federal Housing Finance Agency or fall outside underwriting guidelines established by Fannie Mae and Freddie Mac.
Loan limits for conforming loans vary; they are highest in the country’s most expensive areas. In 2023, the limits for conforming loans are:
- $726,200 for a single-family home in most areas of the U.S.
- Up to $1,089,300 for high-cost areas, such as San Francisco or Virginia’s Arlington County.
Borrowers seeking mortgages above those amounts will need to consider jumbo loans.
Non QM / Alterntative Loan Options
Non-QM loans are handy for people who have found their dream home but were denied a home loan under qualified-mortgage standards. A non-qualified mortgage may provide a temporary lending solution until you meet regular mortgage guidelines and can refinance to a traditional loan.
Don’t let non-traditional income prevent you from owning a home. Diamond Mortgage is your trusted lender when it comes to alternative methods for income qualification. We can work with borrowers who oftentimes have multiple streams of income, paid in lump sums, or are self-employed and absorb business expenses onto their personal tax returns.
1. Bank Statement Loans
2. Asset Depletion Loans
3. One-Year Tax Return Loans
4. Flexible Income Jumbo Loans
5. No Income Verification Loans
This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the state of New York can be facilitated through this site.
Northeast Financial is presently in the process of applying for their Mortgage Broker’s license in the state of New York. Website authorization by the New York State Department of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site. If you are a New York Resident – please do not submit any information through our website.
When discussing programs that allow for 3.5% down, 0% down, or a percentage down – the borrower is not required to only put that exact percentage down. FHA, USDA, VA, CHFA, Jumbo, and Conventional Mortgages allow borrowers to put down more of a percentage if they desire to. The percentages mentioned in the information provided is the minimum down payment that these programs require. Each one of these programs have specific credit score, debt-to-income ratio, and payment history requirements to qualify for the minimum down payment.
Northeast Financial LLC is NMLS# 117273 (NMLS consumer access page) a Licensed Mortgage Broker by the State of Connecticut Department of Banking, NOT A LENDER. Loans are arranged through 3rd party lenders.