Jumbo Loans

Our Jumbo loans are straightforward.

Most Jumbo loans tend to be complicated, which makes people steer clear of 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 his or her 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.

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Frequently asked questions

How much money do I need to buy a home?

How much money you need depends on the type of loan and the purchase price. We recommend that you have at least 3.5% for a down payment on an FHA loan. You’ll also want to be aware of closing costs, which are typically between 2% and 6% of the purchase price. There are also benefits to putting more down in some scenarios – such as the ability to get a Conventional loan without mortgage insurance if you have a down payment of 20% or more.

How are rates calculated?

Rates are complicated and can be tricky to understand. Simply CALL US and we’ll help you compare your rate quotes. We’re happy to take you through estimates line by line — ensuring you know what every item means to you and your bottom line. Comparing mortgage rates can be confusing because there are so many factors — from taxes to title insurance — that contribute to calculating your mortgage payment and closing costs. No one is expected to understand it all from the beginning, but we’ll make sure it all makes perfect sense to you in the end.

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 worst.

In this scenario, the lender is the beneficiary if you default on the mortgage loan for any reason.

How much can I afford?

Everyone's financial situation is different, so it’s important to figure out what you can comfortably afford to borrow, which depends on four factors:

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

How much home can YOU afford? Use our handy mortgage calculator and find out!

What is the loan-to-value (LTV) ratio? Why do I need to know that?

Loan-to-value (LTV) tells you how much equity you have in your home relative to how much you owe on it and what the house is worth. LTV is important to know when refinancing because it can affect your interest rate and whether or not you’ll need Private Mortgage Insurance (PMI).