Jumbo Loans
Enabling you to borrow more.
Jumbo loans are for people who desire to borrow beyond the limits of a conventional mortgage. For most states, the current conforming loan limit for a single-family home is $417,000. Jumbo mortgages are available as fixed-rate or adjustable-rate loans, and can be ideal for primary residences, vacation homes, or investment properties. Just keep in mind that the interest rate may be higher and a larger down payment will be required. Lookout Loans has a loan program for high net worth borrowers. It allows for higher loan amounts and more “make sense” underwriting. Loan terms of 7/1 and 5/1 are available and interest only can be added for lower loan to values. In some instances, with large cash reserves, we can do no income documentation. Foreign borrowers are welcome to this product as well.
Jumbo mortgages are loans that exceed the conventional conforming loan limit. In other words, you want to borrow between $417,000 and $3,000,000.
- Higher Purchase Limits
- No monthly mortgage insurance (PMI)
- 20% down payment
- Excellent credit (FICO score of 720 or higher)
- Maximum debt-to-income ratio: 45%