![]() Broaden your search to include brick-and-mortar lenders and mortgage brokers. Because jumbo loans aren’t as readily available as conforming loans, finding the best deal might take a bit more effort. Lenders will need proof of your income, credit history, and assets. Lenders will want to see 6-12 months of mortgage payments in the bank, in addition to sufficient funds to cover closing costs. The reserve requirements for a jumbo mortgage are significantly higher compared to conventional mortgages.Lenders want to make sure that your debt burden won’t make it difficult for you to pay your mortgage, especially if you fall on hard times. Not only will you need a high income, you’ll need a reasonable debt-to-income ratio to qualify for a jumbo loan.You may be able to compensate for a lower credit score with a higher down payment. Regardless of your credit score, you’re at risk of having your application rejected if you have negative items on your credit report, such as missed or late payments, foreclosures and bankruptcies.Falling short in one of those categories will make it harder to land the best rate. You must clear three hurdles to qualify for a jumbo loan: a high income requirement, a stellar credit score and hefty reserves. ![]() As you weigh offers, be sure to consider APRs, lender fees and closing costs to ensure you’re making accurate comparisons - and maximizing your savings potential. Our rate table filters allow you to plug in general information about your finances and location to receive tailored offers.
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