Our Jumbo loans are simple and straightforward.
Most Jumbo loans tend to be complicated, which makes people shy away from them. So we created our own: Jumbo from Embrace. Our Jumbo loans have competitive rates, are underwritten in-house to our own guidelines, and come with a variety of terms.
A Jumbo loan is a mortgage used to finance a property that is too expensive for a Conventional conforming loan. In most counties, the maximum conforming loan limit amount for a single-family property increased to $647,200 in 2022, as determined by the Federal Housing Finance Agency (FHFA). We're happy to let you know what the loan limits are in your area and whether a conforming or Jumbo loan would be applicable for you.
Conventional loans conform to Fannie Mae and Freddie Mac guidelines, which means the lender is protected if a borrower defaults on their loan. Jumbo loans can’t be guaranteed by Fannie or Freddie, so they are considered riskier for lenders. This is why the qualifications for Jumbo loans often differ from Conventional loans.
Our Jumbo loan highlights:
- Single family residences, including condominiums, and 2-unit properties are eligible
- As little as 20% down for loan amounts up to $3M
- Adjustable and fixed rates available
- Purchase, rate & term refinance, and cash-out refinance loans for primary and second homes
We also offer Jumbo loans with other qualifications, including lower credit scores, so reach out to your loan officer to learn which loan is right for your situation.
Frequently asked questions
What is mortgage insurance?
Simply put, mortgage insurance is a policy taken out on your loan that protects the lender in the event of default or foreclosure. Of course, no one expects to default on their mortgage, but life isn’t always predictable and lenders need assurance that they will get their money back in the event your financial health takes a turn for the worse.
In this scenario, the lender is the beneficiary if you default on the mortgage loan for any reason.
How are rates calculated?
How much money do I need to buy a home?
How much can I afford?
- Your debt-to-income ratio (your total monthly payments as a percentage of your gross monthly income)
- Cash you have available for a down payment and closing costs
- Your credit history
- The value of the home you’re buying