Jumbo loans offer financing for more expensive homes that exceed the conventional loan limit and typically come with higher interest rates but flexible financing features and benefits. If your property is worth more than most, consider a jumbo or non-conforming loan. Perfect for loan amounts that exceed Fannie Mae and Freddie Mac's maximum conforming limits. If you can handle higher monthly mortgage payments, this program is for you.
Jumbo mortgage loans work like other traditional home loans. You will have to go through the application, underwriting, and approval process, but the eligibility criteria for jumbo loans are stricter than traditional conforming loans. Jumbo loans are specifically designed for houses requiring a loan greater than the current Conventional Loan limit of $766,550 for 2023.
A satisfactory credit score (680 or higher)
A lower Debt-to-Income ratio, ideally under 43%
Proof of income and employment
Documentation of assets and cash reserves.
Fixed or adjustable rate
Maximum loan-to-value (LTV) of 90%, no MI required
Loan amounts greater than $766,550
Purchase, rate/term refinance, and cash-out refinance options for primary residences
Purchase and rate/term refinance options for second homes & investment properties
1-2 units
Warrantable condos (low/mid/high rise)
Planned Unit Developments (PUDs)
Leaseholds
If your property is worth more than most, consider a jumbo or non-conforming loan. Perfect for loan amounts that exceed Fannie Mae and Freddie Mac's maximum conforming limits. If you can handle higher monthly mortgage payments, this program is for you.
For primary residences, vacation homes and investment properties
An alternative financing option that's ideal if you:
Borrow an amount above conforming loan limits
Lack sufficient funds
Wish to use funds in a non-traditional way
To get prequalified or start the application process, contact an FLB Mortgage Lender, email us for more information, or visit one of our branch locations in Oklahoma City, Oklahoma, Norman, Oklahoma, or Frisco, Texas today!
This is not a commitment to lend; you must submit additional information for review and approval. Rate, Annual Percentage Rate (APR), and terms are subject to change without notice. Certain restrictions apply to all programs. See your FLB Mortgage Loan Officer for complete program guidelines, loan application, applicable fees and annual percentage rates (APRs) for all loan programs. Full underwritten approval is required, and all loan approvals are subject to credit, income and asset review and approval. Bank NMLS#1215182
Our online application makes it quick and easy to get started. We have experienced mortgage loan officers ready to help you make the best financial decisions for your unique situation.