Getting a jumbo mortgage during a pandemic can be a little challenging.

Jumbo loans, also known as non-conforming mortgages, are loans priced beyond the lending limits imposed by the government. Since jumbo loans do not conform to these limits, they are unable to be sold in the secondary mortgage market, which means the lender retains the risk. During times of economic uncertainty, businesses (mortgage lenders included) typically want to avoid risk as much as possible.

Long story short, jumbo mortgages may be harder to find right now. However, there are some lenders who are still offering jumbo mortgages, including Luxury Mortgage Corp.

Current Conforming Loan Limits

The conforming loan limit for one-unit single-family homes in the United States is currently $510,400. For high-cost areas, it is $765,600.

Loan limits for multi-family homes throughout most of the United States is between $653,550 and $981,700, depending on the number of units within the property.

If you’re unsure of the current conforming loan limit in your area, speak with one of our lending professionals or visit the Federal Housing Finance Agency’s website.

Luxury Mortgage’s Jumbo Loan Options

Luxury Mortgage is pleased to continue offering jumbo financing opportunities to qualified borrowers. We have the following options available:

Full Doc Jumbo Mortgages
Asset Qualifier Loan
Bank Statement Loan
Investor Cash Flow Mortgage

We’ll briefly describe each of these options below, but we encourage potential borrowers to the programs further by connecting with one of our loan professionals.

Full Doc Jumbo Loan

As the name suggests, our Full Doc Jumbo Loan is a jumbo mortgage that requires full documentation in order to qualify. The borrower will need to provide adequate proof of income, employment, credit history, credit score, and more in order to apply. This information will then be verified and, if the borrower’s information fits the requirements, the process will move forward.

Full doc loans require a bit more time, effort, and of course, documentation. The benefit of choosing a full doc loan, however, is that they often have lower interest rates and lower credit score minimums.

Asset Qualifier Loan

With Luxury Mortgage’s Asset Qualifier Loan, the borrower does not need to provide income or employment documentation. Instead, the borrower can use their assets to qualify for the mortgage.

Loan limits up to $6,000,000
Credit scores as low as 580
Borrow up to 80% of the property value

Click here to learn more about the Asset Qualifier Loan program.

Bank Statement Qualifier Loan

This loan allows mortgage borrowers to qualify for financing based on balances in their deposit bank accounts. Borrowers can apply using personal or business bank statements, instead of providing traditional income or employment documentation such as W-2s or tax returns.

Loan limits up to $6,000,000
Credit scores as low as 580
Borrow up to 80% of the property value

Click here to learn more about the Bank Statement Qualifier Loan.

Investor Cash Flow Mortgage

An ideal option for real estate investors, the Investor Cash Flow Mortgage allows borrowers to use the rental income from the subject property to qualify for financing. Even if the property is not being rented currently, the borrower can use the anticipated rental income to qualify. Also, there is no limit to the number of properties financed, making this a great option for investors who are trying to build a portfolio of investment properties.

Loan limits up to $3,000,000
Credit scores as low as 580
Borrow up to 80% of the property value

Click here to learn more about the Investor Cash Flow Mortgage.

Connect with Us

If you’re considering a home purchase and need jumbo mortgage financing, please connect with Luxury Mortgage today to receive a free, no-obligation rate quote and loan consultation. 

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We're dedicated to helping borrowers find the right home loan program for their situation. Contact us today for a free quote and consultation.

Call us today: (888) 379-0303

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