At Latitude Financial, we have a variety of Jumbo loan programs to fit your needs.
We Know How to Get Jumbo Loans Closed.
We provide lower down payment requirements than most banks, offer more flexible guidelines to qualify, and some don’t even require mortgage insurance.
Get pre-approved today
Take the first step to getting the best home loan for you.
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The Buying Process
After you’ve filled out our Apply Now form, we’ll lead you through this four-step process.
1. Review
We will review your application and then contact you to discuss the next steps in the loan process.
2. Pre-Approve
Once pre-approved, we’ll help you select the loan that meets your needs. We will then order an appraisal and send initial loan disclosures.
3. Verify & Approve
You provide us with documentation of the information you submitted in your application. We’ll verify and approve your loan for closing.
4. Close
After signing the closing documents, we’ll coordinate the loan closing and fund your loan. It’s just that simple!
What Is a Jumbo Loan?
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional loan.
The maximum amount for a conforming loan is $484,350 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limitrequire a jumbo loan. Also called non-conforming conventional mortgages, jumbo loans are considered riskier for lenders because these loans can’t be guaranteed by Fannie and Freddie, meaning the lender is not protected from losses if a borrower defaults. Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.
Easier Qualifications
Helping more Jumbo borrowers qualify.
Not all people meet the strict qualifying criteria for jumbo mortgages. We provide flexibility with a low minimum 5% down payment on our jumbo loans up to $2 million. Additionally, we offer jumbo mortgages with credit scores as low as 580 and allow for previous derogatory credit. In many cases, the net income shown on tax returns can prevent someone who is self-employed from being able to obtain a jumbo mortgage for a purchase or refinance. For our self-employed jumbo mortgage borrowers, we can allow deposits into personal or business bank statements to count as qualifying income, without the need to provide tax returns.
Liquid Assets Count
Qualifying with liquid assets.
We allow for “asset depletion”, whereby a formula is used to take a borrower’s liquid assets to count as qualifying income. Additionally, we will even provide jumbo loans without documenting tax returns, employment or income as long as a borrower has enough in the bank, stocks, and retirement accounts to cover the loan amount.
