Jumbo Loan

Jumbo loans are available to both purchase and refinance customers looking to obtain financing for loan amounts that exceed their area’s conforming loan limits as set by the agencies of Fannie Mae and Freddie Mac.

The average interest rate on a jumbo loan is typically higher than that of a conventional conforming loan due to the higher risk associated with the larger loan size.   While many lenders did not offer jumbo financing in 2009 and 2010, many have since stepped up their offering of jumbo loans even though most jumbo mortgages will have to remain in the lender’s portfolio.  The agencies do not buy jumbo loans.

Guidelines on jumbo loans are generally more restrictive compared to that of their conforming counter-parts.  Loan To Value (LTV) limits will be lower while credit and FICO requirements will generally be higher.

Some general guidelines for jumbo loans include:

  • Loan amounts up to $3 million (though LTVs will vary)
  • Fixed rate and ARM programs are available
  • Purchase, and Rate and Term and Cash-Out Refinance transactions are possible

Guidelines vary from program to program and must be confirmed by an On Q Mortgage Consultant for each individual mortgage application.

Contact an On Q Financial Mortgage Consultant today to find what options are available for you.

State Licenses

On Q Financial offers home loans for Conventional, VA and USDA financing in the following States: Arizona Lender #BK-0906866 | California Lender #603E172 | Colorado #LMB000021795 | Florida Lender #ML0701235 | Georgia Lender #22050 | Idaho #MBL-6579 | Illinois Lender #MB.6760285 | New Mexico Mortgage Loan Company #03079 | Oregon #MI-4892 | Texas #5645 | Virginia State Corporation Commission #MC-4559 | Washington Lender #CL-5645. On Q Financial provides FHA financing in Arizona, California, Colorado, Texas and Washington.

Disclamier

This web site and the information it contains are provided as a service by On Q Financial, Inc. to assist those who have questions or concerns about purchasing a home and available mortgage products. Our web site has links to sites we feel might be useful to you and which may provide services. When you link to another site, you are no longer on our site and are subject to the privacy policy of the new site. On Q Financial Inc., accepts no responsibility for the content or accessibility of the external websites or external documents linked to on this website. Readers are encouraged to research and verify information contained herein. The information on this website is not intended to substitute for advice from professional credit counselors or legal counsel. On Q Financial, Inc. cannot and does not provide legal advice to members of the public. The listing of an organization does not necessarily represent sponsorship or endorsement of the information or organization by On Q Financial, Inc.