- Loan amount can exceed the conforming limit of $484,250
- Liberty can offer lower rates with a larger down payment
- Available for purchase or refinance
- Receive up to a $500 gift card at closing*
Our mortgage loan officers will work with you and your real estate agent to ensure a smooth home buying process.
*Gift card offer is available on financing of purchase or construction loans for primary residences only. Purchase or construction loan amounts up to $149,999 will receive a $250 gift card. Purchase or construction loan amounts of $150,000 or greater will receive a $500 Gift Card. Not valid in combination with any other offer.
Loans that exceed a particular loan limit are considered jumbo loans. Jumbo loans are also referred to as non-conforming loans. Loan limits are set by Fannie Mae and Freddie Mac, the two publicly chartered corporations that buy mortgage loans from lenders. While the loan limit changes annually, for most areas in the U.S. the current conforming loan limit for a single-family home is $484,250. Liberty Financial has helped many buyers throughout the Louisville, Kentucky area to obtain a jumbo mortgage.
In order to qualify for a jumbo mortgage, the buyer must meet stricter requirements that those for needed for standard conforming loans. Jumbo loans typically require:
- Lower debt to income ratio
- Higher credit scores
- Larger down payment
- Higher reserves or emergency funds
A jumbo mortgage is a good option for buyers who are able to afford a more expensive home, but haven’t saved up enough money to bring the loan down to conforming limits. Also, for buyers who anticipate increased income over time, jumbo loans can help circumvent the “starter home” step. Being able to purchase their ideal home right away allows families to avoid moving at a later date.
Liberty Financial assists many different types of buyers to secure jumbo loans. Our clients represent a wide range of individuals with specific goals, needs, and resources. If you’d like to discuss whether a jumbo mortgage might be an option to meet your mortgage needs, contact us today.
- Prior two years addresses and dates of residence.
- Social Security number or tax ID.
- Driver’s license or state issued identification card.
- Prior two years employment information including employer contact and dates of employment.
- Most recent W2 and pay stub for all income sources.
- Two years federal tax returns, including tax applicable schedules if you are self-employed, have rental income, farm income or additional non-W2 reported income.
- Alimony, child support or separate maintenance documentation if you wish to have it considered as basis for repaying this obligation.
- Additional information may be required such as Divorce decree (if applicable) and/or proof of extra income such as rental income, dividends, Social Security, retirement, disability, pension, or welfare (supporting documentation is required).
- Balance owed on all liens attached to the property including all mortgages as well as any home equity loans or lines of credit.
- Most recent mortgage statement (if applicable).
- Most recent property tax bill.
- Most recent hazard insurance declaration page.
- Most recent flood insurance declaration page (if applicable).
Loans are subject to credit review and approval. Loan amounts of $484,250 – $2,500,000. Closing costs may apply. A sample principal and interest payment on a (30)-year $500,000 fixed rate loan amount with a 4.375% interest rate (4.443% APR) is $2496.43. Taxes and insurance are not included; therefore, the actual payment obligation will be greater. Actual interest rate may vary based on credit history. Gift card offer is available on financing of purchase or construction loans for primary residences only. Purchase or construction loan amounts up to $149,999 will receive a $250 gift card. Purchase or construction loan amounts of $150,000 or greater will receive a $500 Gift Card. Not valid in combination with any other offer.