Jumbo Loans

A Jumbo Mortgage, is a mortgage loan that have a high credit quality which is the amount above the conforming limits in each county. This is a standard that is set by Fannie Mae (FNMA) and Freddie Mac(FHLMC) and they set the limit on the maximum value of any individual mortgage they will purchase from a lender. Each county has a specific limit. Traditionally the interest rate on jumbo mortgages are higher than for conforming mortgages, however we have some lenders that their rates on jumbo mortgages are lower than conforming loans.

What is considered jumbo loan?

Any loan amount above the particular county conforming loan limit is considered Jumbo.

Do I need to pay mortgage insurance?

Usually you do not pay mortgage insurance (MI) on jumbo loans, but interest rates are usually higher than conforming loan limit.

What is the minimum fico score requirement? Usually 700 fico score is required, but sometimes we could go as low as 680 with lower loan to value and more reserves.

How is my interest rate determined?

It depends on your credit score, down payment and the type of loan you could qualify for.

Is there a prepayment penalty on jumbo loans?

No, there are no prepayment penalty on Jumbo Loans.

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Company NMLS: 240639
Licensed by DRE: 01264348


Contact Us

National Pacific Lending
9891 Irvine Center Drive Suite 150
Irvine, CA 92618

(949) 362-1400

SAT-SUN: By appointment only