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  • Jumbo Loans - Tucson, AZ

    While the average home price in Tucson is $389,900, many people want to dream bigger: if you’re one of these dreamers, you’ll want to take a good look at jumbo loans.

    Non-conforming loans, also known as jumbo loans, allow you to borrow above the conforming loan limits of Fannie Mae and Freddie Mac. They have the benefit of no mortgage insurance if you provide a 20% down payment, and they’re competitive with other conventional loans.

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    Jumbo loans Tucson - Jumbo loan lenders in Tucson, AZ
  • Should You Get a Fixed-Rate or Adjustable-Rate Jumbo Loan?

    Just as with a conforming loan, you have two options for your jumbo loan, both of which can be highly advantageous for particular homebuyers.

    Fixed-Rate Jumbo Home Loans

    With fixed-rate jumbo loans, your interest rate will remain the same throughout the life of your loan. This is a great choice for homebuyers who purchase when rates are low.

    If you decide later that you’d like an adjustable-rate jumbo loan, no problem! District Lending will help you refinance for free.

    Adjustable-Rate Conventional Loans

    These mortgages have adjustable rates, which fluctuate with market conditions. Often the interest rate will be lower than a fixed-rate loan at the beginning of the mortgage.

    These are great for investment properties because you can save cash for repairs, renovations, and any other business purchase.

    The best rates come with the best deal.

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    Everything to Consider When Taking out Jumbo Loans

    When considering whether you can afford a jumbo loan, analyze your monthly debts, expenses, income, and savings. Here’s an abbreviated list of what you must consider:

    • Credit Score

      For jumbo loans, a great credit score is a must. While a 680 is considered great for mortgages within the conforming loan limits, homebuyers should expect to need a 720 for moderately-sized jumbo loans and a 740 for those above about $1.5 million.

    • Current Debt Payments and Savings

      Because jumbo loans carry a higher risk for the lender, homebuyers need to have a great debt-to-income ratio to access this kind of financing: sometimes below 36%. List your monthly debt expenses to identify if you have enough income for jumbo loans.

      The more you have in savings, the more likely you will be to qualify. Your loan servicer will want to see that you’ll be able to pay the average monthly payments between $5,941 and $6,253 for a Tucson Jumbo loan.

    • Lender

      Every company has different requirements for a jumbo loan, and their rates vary. Expect to spend some time looking at all the mortgage options available to you and ascertaining whether their conditions are favorable to you.

      Our mortgage calculator lets you get a good look at how much you’ll be paying for jumbo loans based on a variety of factors.

    • Interest Rates and Closing Costs

      Interest rates on a jumbo loan are a little higher than other mortgages, but not by much: usually about 0.25% to 1%.

      Jumbo loans also require cash reserves and closing costs like any other loan. Thanks to the higher risk, you will likely need private mortgage insurance, though your lender may waive this depending on the loan amount and down payment.

    The District Lending Difference

    Free Quote

    Whether you’re hunting for jumbo loans or other financing, you can always get a free quote without any credit check to better understand what loan amount you may be eligible for.

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    Pre-Approval

    District lending makes the jumbo loan process easy, seamless, and stress-free through our online pre-approval process.

    Get Pre-Approved
    Mortgage Calculator

    Explore the various variables that go into the jumbo loan process with our free calculators.

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    Serving the community of Tucson, 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.
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    • 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