Jumbo Loans - Tucson, AZ
Purchasing a high-quality primary residence, a luxurious vacation home, or an investment property? Chandler, AZ, has one of the hottest housing markets for luxury properties: the average Chandler home spends just 28 days on the market. If you want to be a part of this thriving market, you’ll need to pursue a jumbo loan – and we can help.
Jumbo loans are for those who need mortgages above the conforming loan limit set by the Federal Housing Finance Agency; in 2023, the loan limit is set at $726,200. They cannot be purchased by Fannie Mae and Freddie Mac, making them a bit higher risk.
If you’re hunting for jumbo loans, District Lending is here to help. Our mortgage loan officers can guide you through the entire process and find jumbo loan programs that fit your exact needs.
Jumbo Loan Options
Just as with loans below the conforming loan limits set by the FHFA, you have two options for jumbo loans, either of which may be perfect for your needs.
Fixed-Rate Jumbo Loan
With a fixed-rate loan, your interest rate is set when you begin your mortgage term. This is a good option for borrowers who buy when rates are low or simply want more predictable mortgage payments.
Adjustable-Rate Jumbo Loan
An adjustable-rate jumbo loan will have interest rates that vary according to fluctuations in the market.
If you want to invest now and expect to make more money later, this will let you save at the beginning of your loan.
The best rates come with the best deal.get a quote
Eligibility Requirements: How to Qualify for a Jumbo Loan in Chandler, Arizona
Here’s a quick summary of what you’ll need to be approved for a larger, more sumptuous loan.
Down Payment of 20% or More
Most of the time, you need a down payment of 20% or more for jumbo loans, though some programs may accept a borrower providing less.
Jumbo loans are a higher risk for lenders because Fannie Mae and Freddie Mac won’t buy them, so there are stricter requirements for approval. You’ll need to prove solid financial health, including a low debt-to-income ratio and greater cash reserves, to be approved for a jumbo loan.
High Credit Score
While borrowers can access other loan programs with a lower credit score, requirements are far higher for jumbo loans. Most lenders will want a score of 720 to approve you, though some lenders might accept lower credit if you agree to a higher interest rate.
Enough Savings to Cover Interest Rates and Closing Costs
Interest rates are slightly higher for jumbo loans: approximately 0.25% to 1% more.
As with any other loan, you will have some closing costs totaling a small percentage of the total loan. This helps to compensate those who assist with the closing process, such as title companies and lawyers.
The District Lending Difference
At District Lending, we’ll guide you through the entire jumbo loan process so you can secure your dream home without hassle. Take advantage of the following services:
If you’re shopping for a jumbo loan, the last thing you need to worry about is a dent in your score. We provide free, no-obligation quotes with no FICO score check.
Get pre-approved quickly with our fast and simple online pre-approval process; we’ll process it in days, not weeks.
Serving the community of Chandler, AZ and the surrounding area