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 amount for a conforming loan is $548,250*, as determined by the Federal Housing Finance Agency (FHFA). But because some real estate markets are pricier than others, the loan limit varies by county. We’re happy to let you know what the loan limit is in your area.
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.
*Conforming loan limits will increase to $625,000 in January 2022. Embrace borrowers can take advantage of this change immediately.
Our Jumbo loan highlights:
- As little as 10% down for loan amounts up to $2M
- As little as 20% down for loan amounts up to $3M
- Adjustable and fixed rates available
- Purchase and rate term only
- Primary residence only
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