JUMBO Loans

What is a JUMBO Loan?

JUMBO loans are mortgages set aside exclusively for the financing of properties that are too expensive for conventional conforming loans. Since the maximum amount you’re typically allowed to finance with a conventional loan is $647,200*, you may need to seek out additional financing in the form of a JUMBO loan. Here in the Arizona market, the average home price has skyrocketed in recent years, and in most zip codes — including here in 85233 – where the mean purchase price is now much higher. So, if you’re a local Maricopa buyer, you’ll likely need to consider a JUMBO loan to finance your new home. 

*Each county and lender’s conforming loan limits may vary, so click here to see what your county’s conforming loan limits are.

Frequently Asked Questions About JUMBO Loans

JUMBO Loans VS. Conventional Financing

Both JUMBO loans and conventional loans have requirements for approval, such as high credit score, proof of income, low DTI, and so forth. But, as we mentioned before, JUMBO loans are for homes with high purchase prices above your county and lender’s conforming loan limits.

Conforming Loans Jumbo Loans Min. down payment 3% with PMI (20% without PMI) Typically between 10% and 30% Max DTI 50% 38% to 43% Mortgage insurance required with down payments under 20% Varies per lender Min. credit score 620 Sometimes as low as 680, but typically 700 or higher Closing costs usually lower than jumbo loans can be higher than conforming loans due to manual underwriting, additional appraisals, etc.Loan limits $548,250 to $822,375 Depends on the lender, but can be in the millions.

Conforming Loans

JUMBO Loans

Minimum Down Payment
3% down with mortgage insurance
Minimum Down Payment
Between 10-30%
Max DTI
50% DTI
Max DTI
Between 38-43% DTI
Mortgage Insurance
Required for borrowers who want to put less than 20% down
Mortgage Insurance
This varies depending on who your lender is
Min. credit score
At least a 620 credit score
Min. credit score
At least a 680 credit score, but typically 700 or higher.
Closing costs
Typically lower than JUMBO loans
Closing costs
More Expensive than Conforming Loans
Loan limits
Loans are limited at 970,800 for high-cost areas
Loan limits
May be in the millions depending on your qualifications and lender
How to Get a JUMBO Loan in Arizona?

To see if you’re qualified for a JUMBO loan here in the Maricopa market, check out our loan calculator or get in touch with Carpenter Home Loans, LLC to see if you qualify.

How to qualify for a JUMBO Loan in Arizona?

To qualify for a JUMBO loan in Maricopa, you need to provide us with a number of financial documents that prove your income, DTI, credit score, and more. JUMBO loans apply only to homes that fall outside the limits of a typical conforming loan, so check in with our team to see what loan type is right for you.

Finding a JUMBO Mortgage Lender In 85233

You’ve already found us! Our team here at Carpenter Home Loans, LLC can help answer all of your questions about JUMBO home loans for your next home purchase. Get to know our team and why we’re the best option to guide you through the process of securing a JUMBO loan.

10% Down Jumbo Loans In Arizona

Compared to Conventional loans, JUMBO loans have slightly higher down payment requirements. However, if you’re qualified, you may be eligible for a JUMBO loan with only a 10% down payment requirement. Reach out today to see what criteria you need to meet to get approved for a low down payment JUMBO loan in Val Vista Lakes.

What are the JUMBO Loan Limits In Arizona

The limits for JUMBO loans are determined by your personal financial situation and your lender’s terms/offerings. Our team can assist with determining what the loan limit on your personal JUMBO home loan application is.

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