Are you buying a home in Virginia and need a loan amount over $484,350? In most parts of Virginia, loan amounts over $484,350 will need to be a jumbo loan, unless the property is located in a high-cost area. Our jumbo loans have excellent fixed rates for up to 30 years with as little as 10% down payment and no mortgage insurance.
A jumbo loan is known as a “non-conforming” mortgage because it is for an amount that exceeds the conforming limits of Fannie Mae and Freddie Mac. The maximum conforming loan limit is $484,350 in most markets throughout Virginia. However, in some high-cost housing markets where home prices are above average, the limit is $726,525. Any loan amount higher than these numbers will require jumbo financing. A jumbo mortgage can be used to purchase a primary residence, second home, or investment property.
Loan amounts that exceed the conventional loan limits below require a jumbo mortgage:
Loan amounts that exceed the conventional loan limits below in high-cost areas require a jumbo mortgage:
If you need financing which falls above the limits stated above, you should apply for a jumbo loan.
Qualifying for a jumbo loan vs a conventional loan is very similar and is not difficult. The requirements for credit score and down payment are higher, but they are not so different from those you would need to meet for conventional financing.
A higher credit score of 700 or higher.
Debt to income 43%, but in some cases can be as high as 50%.
You should have a minimum of six months of cash in reserves after closing.
The down payment requirement for a jumbo loan is 10-20% depending on loan amount and credit score.
With offices in Blacksburg, Marion, and Abingdon we provide jumbo loans in Virginia including Blacksburg, Christiansburg, Roanoke, Abingdon, and the surrounding areas.
First Residential Mortgage Corporation is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.