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 $726,200 in 2023, 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 10% down on select amounts, with limits up to $10 million.
- 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 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).
Are interest rates higher for jumbo loans?
Jumbo loans often come with higher interest rates due to the larger loan amount and increased risk for lenders. How do I apply for a jumbo loan with Embrace Home Loans? You can start the application process online or by contacting a loan officer for guidance on your eligibility and loan options.
What are the benefits of a jumbo loan?
Jumbo loans allow buyers to finance luxury homes or properties in high-cost areas that exceed conforming loan limits.
How much can I borrow with a jumbo loan?
Loan amounts vary depending on the lender and your financial profile, but they typically start above the conventional loan limit of $726,200.
What is a jumbo loan?
A jumbo loan is a mortgage that exceeds the conventional loan limits set by Fannie Mae and Freddie Mac, allowing you to finance a higher-value home. Who qualifies for a jumbo loan? Borrowers with strong credit scores, a low debt-to-income ratio, and significant down payments are typically eligible for jumbo loans.
"Paul is a great resource of information. He makes the process of re-financing run smoothly and easily. It was a pleasure working with him."
- Kimberly, MA
