A jumbo loan is typically only an option if you have good or excellent credit. In most cases, lenders won’t approve you unless you have a credit score in the high 600s, 700s, and 800s. If you go with a jumbo loan, you’ll likely also need a larger down payment between 20% and 30%. In addition, most lenders who offer jumbo loans require a debt-to-income ratio of no more than 36%. Lastly, you’ll need to prove that you have a regular and predictable income through W2s, 1099s, and other tax documents.
Higher Interest Rates
Since lending a significant amount of money poses a higher risk to lenders, jumbo loans almost always come with higher interest rates than conforming loans. However, your particular interest rate will depend on your lender, down payment, and credit. That’s why it’s crucial to shop around to find the best option.
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