Loan Programs

What Is a Jumbo Loan?
A Jumbo loan is any home loan that exceeds a specific loan amount called the conforming loan limit for each state. Currently, the conforming loan limit for a single-family home in Texas is $726,200 effective November 2022. A jumbo, or non-conforming, loan provides financing for loan amounts higher than the maximum conforming limits set by Fannie Mae and Freddie Mac. It may be a good choice if you have a higher property value and can manage larger monthly mortgage payments. Jumbo loans are available for purchase and refinance loans including cash-out refinance options.

What Makes Jumbo Loans Unique?
Jumbo loans differ from conforming loans in several ways. First, they offer a larger amount of financing than a conforming loan. With this larger loan amount typically comes a variety of rate options.

Am I Eligible for a Jumbo Loan?
The same factors examined when applying for any home loan are looked at when applying for a Jumbo loan. However, qualifying for a Jumbo loan typically requires higher credit scores, lower debt-to-income ratios, higher reserves, and larger down payments than qualifying for a standard conforming home loan.

What Are the Benefits of a Jumbo Loan?
There is a number of benefits Jumbo loans offer when compared to other methods for financing more expensive homes.

Benefits include:

• Financing available over $1,000,000
• The convenience of one loan for the entire term instead of having multiple mortgages or higher down payments
• Competitive rates through different jumbo rate programs
• Fixed and adjustable rate mortgage options available
• Higher mortgage loan financing
• Mortgage broker rates lower than banks

At Texas Premier Mortgage, our Jumbo loans make it easier than ever for homebuyers to purchase or refinance. We have a variety of Jumbo Mortgage options to review with you. As a mortgage broker we have the best jumbo rates and jumbo mortgage options for you to review!