Sometimes, you need a little something extra when you are about to purchase your dream home. Like when the price of a house and the loan you need to afford it exceeds the conforming limit. That’s where a jumbo loan can be perfect.
Jumbo Home Loans
Get in the Game!
Beat Other Homebuyers Stuck on the Sidelines
Apply now as mortgage rates fall! We’re here to help you meet your homeownership goals—like buying your first or next home, or lowering your current interest rate and payments or accessing cash by refinancing. We also prioritize speed for our clients, with an average turnaround of only 21 days from application completed to ready to close for purchase loans!1
What are Jumbo Loans?
Jumbo loans, also known as jumbo mortgages, are home loans that go beyond conforming and high-balance loan limits. Often, jumbo loans are used for purchasing and financing higher-priced and luxury homes, as well as homes in markets with higher housing costs throughout Nevada and California. The limit on the amount you can borrow for a conforming loan in 2024 is $766,550, which is set by the Federal Housing Finance Agency (FHFA).
So, how does a jumbo loan differ from a conventional mortgage? Unlike conventional loans, jumbo loans are not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac. For this reason, some lenders consider them to be riskier. To help offset the risk, applicants for this type of loan may need a higher credit score and lower debt-to-income ratio. One thing to note: although interest rates are typically higher on jumbo loans, they are available in both fixed and adjustable rate mortgages and come with various terms.
Loan Amounts
Loan amounts above standard 2024 conforming limits between $766,551 and $1,000,000.
Interest Rates
Jumbo loans are available as a fixed rate mortgage and adjustable rate mortgage.
Loan Options
Options for purchase/refinance, both cash out and rate-and-term.
Loan to Value
Borrowers may qualify for a mortgage with loan to value (LTV) up to 80%.
Property Type
Primary residences mainly, though second/vacation homes may also qualify.
Eligibility
Have a higher credit score and low debt-to-income ratio.
Greater Nevada Mortgage offers great mortgage rates on jumbo loans for homebuyers in Nevada and California. See how we can help you purchase the home of your dreams.
Common Questions About Jumbo Loans
We get a lot of questions about the various loan types we offer. Here are more details on how jumbo loans work, whether you’re a first-time buyer or seasoned homeowner.
-
How does a jumbo loan work?
When a loan exceeds the standard, conforming amount backed by the Federal Housing Finance Agency (currently $766,550 in 2024), a jumbo loan is appropriate. Due to the size of a jumbo loan, borrowers must have higher credit scores and low debt-to-income ratios. Not all financial institutions offer jumbo loans, but Greater Nevada Mortgage does.
-
Who can benefit from a jumbo loan?
Jumbo loans are an excellent match for two types of borrowers: those who are looking to finance homes that are above the conforming loan limits in a certain region and those who live in regions where average home prices far outpace the rest of the nation (such as Nevada and California). Jumbo loans may be taken out for single family homes/primary residences, second homes and investment properties.
-
What are the different types of mortgage loans?
Greater Nevada Mortgage offers a variety of types of home loans for every kind of potential homebuyer, including:
- Fixed rate mortgages
- Adjustable rate mortgages (ARMs)
- FHA loans
- USDA loans
- VA loans
- Jumbo loans
- Doctor loans
Pros and Cons of a Jumbo Loan
- Can borrow more than the current conforming limit
- Interest rates are competitive
- Higher down payments: generally 20% and up
- Closing costs + fees can run slightly higher than with conventional loans
Everyone Deserves a Home
According to the National Alliance to End Homelessness, over 7,600 Nevadans experience homelessness on any given night. GNM’s Keys to Greater program donates a portion of the revenue from every new mortgage or refinance to community nonprofit organizations that address homelessness, and since launching in 2021, over $200,000 has been donated!
Next Steps to Lock in Your Rate
Applying for a jumbo loan from Greater Nevada Mortgage has never been easier. Follow the steps below to get started.
Calculate What You Can Afford
See how much you can afford to borrow on your home purchase with our mortgage calculator.
Submit Your Application
It’s quick. It’s easy. It’s online. Plus, we have a mortgage documents checklist so you know what information to gather.
Let’s Chat
All your home loan questions are answered by your dedicated Mortgage Consultant and their team as you learn about what options work best for your goals.
1Average purchase loan turnaround time is based on application completion to final approval, with all required conditions and guidelines being met awaiting the Close of Escrow date, for October 2024. This is not a guaranteed timeframe for all loan applications. Each loan transaction is different, and individual turnaround times will vary.