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  • Jumbo Loans - Scottsdale, AZ

    Beautiful Scottsdale is a millionaire’s dream: in fact, there are nearly 14,000 millionaires in this city alone! Buying a more expensive home means taking a conventional loan outside the conforming loan limit. As this region of Arizona is quite expensive – 13% higher than the national average – jumbo mortgages allow you to get a great home in a high-class area which may not be possible with conventional loans.

    There are numerous advantages to jumbo loans compared to conforming loans, the most important of which is that it allows you to borrow more than the loan limits set by the Federal Housing Finance Agency.

    A jumbo loan is also excellent for those buying investment properties, as your loan amount could be as high as $5 million, depending on the lender.

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    Jumbo loans Scottsdale
  • Jumbo Loan Options: Fixed-Rate vs. Adjustable Rate Loans

    Just as with home loans in the conforming limit, you have two options available to you when it comes to your jumbo home loan.

    Fixed-Rate Jumbo Home Loans

    With a fixed interest rate jumbo loan, you will enjoy the same rate throughout the life of the loan. This is an excellent option for those seeking mortgages on a personal luxury home.

    Adjustable-Rate Conventional Loans

    With an adjustable-rate mortgage, your rate will fluctuate with market conditions, though it is lower when you first open the loan. Purchasing a luxury building as an investment can help you jump in and begin building cash flow before rates change.

    The best rates come with the best deal.

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    Calculating Your Jumbo Mortgage Loan Payments: How Much Can You Afford To Borrow?

    Several factors determine how much you’ll pay monthly toward your jumbo home loans. Use our mortgage affordability calculator to get a good idea of your mortgage budget. If you want more guidance, our loan officers are happy to walk through your finances to ensure that a jumbo loan is right for you.

    Consider the following when weighing the costs of a jumbo loan:
    • Down Payment

      For jumbo loans, you should expect to provide a down payment of 20%, though some lenders will allow you to provide as low as 10%.

    • Financial Health

      You’ll need a low debt-to-income ratio (DTI), typically below 43%, to qualify for a jumbo mortgage; many Scottsdale lenders are looking for a DTI closer to 36% for those wanting more than the conforming loan limit. The lower your DTI, the more options you have for jumbo loans. You should also have cash reserves to cover any unforeseen expenses and ensure you can pay your jumbo mortgage.

    • Credit Score

      Fannie Mae and Freddie Mac do not guarantee jumbo mortgages, so jumbo loans carry a higher risk for lenders. While a 680 score will qualify someone for a conforming loan, a jumbo home loan has stricter requirements of 720 or higher.

    • Interest Rates and Closing Costs

      Your jumbo loan interest rate can be between 0.25% and 1% higher than a conforming loan. Just as with other loans, jumbo loans also have closing costs, which will range in percentage. Sometimes, you can reduce closing costs by accepting higher interest over the long term.

      District Lending strives to offer highly competitive jumbo loan rates and will work hard to give you the best rate possible.

    The District Lending Difference

    Free Quote

    We know that folks looking for jumbo loans are doing extensive research on what they can expect, so we provide a free, no-obligation quote without checking your FICO score.

    Free quote
    Pre-Approval

    We also make the jumbo loan pre-approval process easy with our fully online forms: just fill it out, and we’ll get you pre-approved as soon as possible.

    Get Pre-Approved
    Mortgage Calculator

    We want home buyers to be fully informed of their options for jumbo mortgages, which is why we provide free mortgage calculators to help you understand your budget and what you can expect from your monthly home loan payments.

    Mortgage Calculator

    Serving the community of Scottsdale, AZ and the surrounding area

    • Phoenix
    • Tucson
    • Scottsdale
    • Sedona

    Know exactly what to expect from your loan

    Get a free loan quote today and leave the guesswork behind.
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    • No documents required.
    • No commitment.
    • No hidden costs.
    Get your free loan quote
    Buy
    Home Purchase
    Why District
    Read about all the benefits
    Process overview
    Simplified and easy to understand
    Apply now
    Start your application
    Get a quote
    See your rate with no commitment
    Perks
    Free refinance for 3 years
    Refinance with no closing costs
    No closing costs
    Zero costs options, what it means
    Realtor credits
    Get .5% towards your closing costs
    18 Day closing
    2X more likely to get your offer accepted
    Price match guarantee
    We beat competitors’ rates by .125% or more
    Rate defense
    Never miss out on rates dropping
    Refinance
    Rates
    About
    Reviews
    Hear from our customers
    Contact
    Answers within 2 business hours
    Meet the crew
    Our experts, mission, and values
    Careers
    Join us in making a difference
    Learn
    Blog
    Our knowledge at your convenience
    Mortgage secrets
    Short videos with tips&tricks
    Video library
    A short description can be here
    Calculator
    Calculate your mortgage payment
    Apply nowGet a quote