Prime Jumbo
A Jumbo loan is any mortgage loan above the conforming limit set by Fannie Mae and Freddie Mac. For 2023, the maximum conventional conforming loan limit for a single-family home is $647,200 however certain high-cost areas may have higher limits.
Prime Jumbo mortgages represent a specialized category of home loans designed for properties that exceed the conventional loan limits. These loans often present unique challenges and complexities, making it essential for borrowers to work with a trusted mortgage partner who understands their financial interests and can navigate the intricacies of Jumbo financing. At Murray Mortgage Solutions, we specialize in providing expert guidance and personalized solutions to clients seeking Prime Jumbo mortgages.
Qualifying for a Prime Jumbo mortgage entails navigating a more intricate approval process compared to conventional loans. Borrowers are typically required to meet strict criteria, including higher credit score thresholds and more substantial down payment requirements (10% minimum). Additionally, lenders carefully scrutinize borrowers' financial profiles, income stability, and debt-to-income ratios to ensure they have the capacity to manage larger loan amounts effectively.
Highlights
10% Down Payment Minimum
Conforming Limit: $647,200
Conforming Limit: 1,089,300 for “High-Cost Areas”
Stricter Underwriting Requirements
Maximum Debt-To-Income Ratio of 45-50%
700 Min Credit Score
**Underwriting guidelines are subject to change. Please contact us directly for more information regarding qualification standards.