What is a Jumbo Loan?

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Think BIG with a Jumbo Loan

A jumbo loan, or non-conforming mortgage, allows you to purchase more expensive homes with a loan amount above the conforming limit set by the Federal Housing Finance Agency. In most areas of the country, the conventional conforming loan limit is $510,400; however, the limit is $765,600 in higher cost areas.

Jumbo Loan Highlights

If you have a low debt-to-income (DTI) ratio and a higher credit score, but you don’t have enough funds to bring the loan amount under the conforming limit, a jumbo loan might be the right option for you. Highlights of non-conforming loans include:

  • Finance a home over the maximum loan amount established by the Federal Housing Finance Agency
  • Higher purchase limits allow borrower to purchase more house
  • Convenience of one loan for the entire loan amount
  • Primary residence, second home or investment property
  • Fixed-rate or adjustable-rate mortgages (ARM)

If you are interested in an adjustable-rate mortgage, please contact an Elite Group Mortgage Professional.

Other Loan Options

VA LOAN

Best if you are active-duty military, a veteran or military spouse.

VA
Conventional

Best if you have good credit and a larger down payment to possibly receive lower rates with more flexible terms.

Refinance

Best if you already own a home and want to restructure your mortgage to fit your current financial situation.

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Carson Paiz

Elite Group Mortgage Expert

Kim Deaner
Kim Deaner
2022-07-18
Ashley and Heston were so helpful! And got me into my own home fast!
Russell Waganer
Russell Waganer
2022-06-16
Jennie answer all my questions. There was a lot I didn't know but jennie helped out 100% I was very lucky to have her as my loan officer. I an very satisfied and would recommend her to everyone that needs a home loan.
Teri Heffner
Teri Heffner
2021-12-02
Ashley is amazing and will go above and beyond to help people out. She is always willing to work with you, stays flexible, and is kind and respectful to any situation. I will keep going back to her over and over.
Sharla Carpenter
Sharla Carpenter
2021-11-30
The process for refinance was very efficient and did not take long to complete. Loved working with Jennie through this process. She was very professional, informative, kind and caring.
Rommel McClaney
Rommel McClaney
2021-11-24
Very knowledgeable and very responsive! 6 months later and I'm still pleased with how Fairway worked with me!
Ashley Moon
Ashley Moon
2021-11-22
Working with Alfredo at Fairway was very smooth from start to finish. He was always available to answer questions and keeps you informed during the entire mortgage process. Extremely casual and not intimidating. Very pleased!
Nick Swofford
Nick Swofford
2021-11-22
I worked with rylie and he exceeded my expectations! Always there when I had a question! Reliable, honest and trustworthy! You won't be disappointed.

Elite Group Mortgage offers home purchase and refinances loans. We are headquartered in Grand Junction, Colorado. Elite Group Mortgage is dedicated to helping you achieve your home financing goals. Equal Housing Opportunity.

Phone

(970) 818-2432

Fax

(970) 549-2597