Jumbo Loans

J.G. Wentworth can provide qualified homebuyers with jumbo loans to pay for properties whose prices are higher than a conventional loan can cover. If you are seeking a large mortgage loan to finance a high-value home, investment property, or vacation home, look no further than the jumbo mortgage loans offered by J.G. Wentworth. We are a nationally-leading direct lender of a variety of mortgage loans, utilizing an application process that is streamlined for efficiency to expedite loan turnarounds and bring you an unmatched level of customer satisfaction. Call one of our loan specialists or complete our convenient online contact form to get a free jumbo loan quote today. 

What are Jumbo Loans?

Jumbo loans, put simply, are mortgages that exceed the limits on home loans set by Fannie Mae and Freddie Mac. In other words, jumbo mortgages are used to finance high-value homes that require a loan that is larger than what can be given through a conventional mortgage loan. Jumbo loans are typically available as either fixed or adjustable rate mortgages and can be used to finance primary homes, investment properties, or second vacation homes.

Jumbo mortgages are most often used for luxury homes that exceed the limits for conventional loans, but are also useful in areas of the country with particularly high home values. Depending on your area and the value of your home, the limits set on conventional loans can be higher than that of the rest of the country. Usually, the limit for high-cost areas is 150% of the standard limit set by Fannie Mae and Freddie Mac. 

While the fact that jumbo loans require a significantly higher loan amount can cause interest rates to rise slightly, they are typically only a fraction of a percentage higher than conventional mortgage rates. In an effort to keep your monthly mortgage payment as low as possible, J.G. Wentworth offers low rates on both conventional and jumbo loans.

Jumbo Loan Qualifications

Since jumbo loans involve a larger-than-usual loan amount, there are certain basic qualifications that are required for approval, such as:

  • Credit Check Indicating an Adequate FICO Score
    • Credit requirements can vary depending on your specific loan amount and credit history. J.G. Wentworth aims to be as flexible as possible, so less-than-perfect credit should not deter you from applying for a jumbo mortgage. 
  • Down Payment of at least 20% is recommended for approval
    • As is the case with a conventional mortgage, a down payment of 20% or more does not require private mortgage insurance (PMI) payments. If a 20% down payment is financially viable, it can save you money on PMI payments in the long run. 

Loan Limits

The loan limits set by Fannie Mae and Freddie Mac are subject to change each year. While they often do not have to change every year, it is always beneficial to be aware of shifting limits. As of 2018, the loan limit for most counties is $453,100 for conventional mortgage loans, meaning that any loan amount exceeding this figure will be classified as a jumbo mortgage loan. In counties with higher average home values such as Los Angeles or New York City, the 2018 conventional loan limit is $679,650. These limits vary based on county, not by state, so it is important to know where your particular county stands when seeking a mortgage loan that may exceed the loan limit. 

Get a Jumbo Mortgage Quote Today

As a direct lender of home mortgages, J.G. Wentworth offers a multitude of loan options including jumbo loans, VA loans, FHA loans, conventional mortgages, and more. We use a fully streamlined application process to ensure fast loan turnarounds with the goal of getting you financing for your home as quickly as possible. For any remaining questions about jumbo mortgages or any other type of home loan, check out our informative mortgage loan FAQs. Call one of our knowledgeable home loan specialists or complete our simple online contact form to get your free mortgage quote today.

How do I get started?

J.G. Wentworth offers a wide variety of loan programs with low rates and no points and no hidden fees.  To get started, you can call us or let us contact you by completing a short form.  You can also get a rate quote in seconds with no personal information required. We look forward to working with you.