Everything You Need to Know About Jumbo Loans



You’ve run the numbers, saved your down payment, and prepared your financials, and now you’re finally ready to purchase that dream property. Did you know you might need a specialized mortgage loan depending on the price of that property?


Luxury and high-priced properties are financed with a unique type of loan called a jumbo loan. At Mortgage Specialists, we’re proud to offer flexible, borrower-friendly jumbo loans to give more buyers access to the luxury homes of their dreams.


When Might I Need a Jumbo Loan?


Most home mortgages are eligible to be purchased, guaranteed, or securitized by the federal government through Fannie Mae and Freddie Mac. This allows us to provide affordable mortgages because it lowers our risk level as a lender. There is a limit to the amount that Fannie Mae and Freddie Mac will cover, though, and this is called the conforming loan limit. A jumbo loan is any loan that exceeds the conforming loan limit.


Conforming loan limits are set by Fannie Mae and Freddie Mac each year, and they vary based on your property’s county and the type of property you’re purchasing. As of 2021, for example, the conforming loan limit for St. Lucie County is $548,250 for a single-family home. If you are buying a single-family home and will need a mortgage for more than this amount, you’ll need a jumbo loan.


What Are the Benefits of a Jumbo Loan from Mortgage Specialists?


Don’t let the idea of a jumbo loan scare you away from your dream home. Our team at Mortgage Specialists is proud to offer jumbo loans with affordable terms and a variety of unique advantages.

  • High Borrowing Limits

We gladly provide jumbo loans for up to $3 million, including loans for properties with up to 89.99% LTV. Jumbo loans are available for borrowers with up to a 45% DTI and a FICO score of 680 or above, and we accept restricted stock units or RSU as income as well. Beyond this, for jumbo loans under $2 million, we don’t require any additional reserves beyond the standard requirements.

  • Borrower-Friendly Options

Every borrower wants to design their ideal mortgage whenever possible, and our jumbo loans provide more options than you might expect. For example, we offer 15-year and 30-year fixed jumbo mortgages. Our jumbo loans are available for primary and secondary residences as well as investment properties, and we offer these loans for both new purchases and refinancing. You may not even need mortgage insurance depending on your down payment amount.

  • Easy Process

Buying a new property is stressful enough without adding endless hoops to jump through for your mortgage. Fortunately, Mortgage Specialists makes the process as simple as we can. In addition to our own smooth and efficient processing, you’ll only need one appraisal for jumbo loans up to $2 million.


Getting You into Your Luxury Dream Home with a Jumbo Loan


Our goal at Mortgage Specialists is to make the goal of owning your dream home possible for as many people as we can. Offering jumbo loans to luxury buyers is part of that mission. Contact Mortgage Specialists to learn more about our process or to start applying for your jumbo loan today.





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