Jumbo Loans

The Home of Your Dreams is Within Reach with a Jumbo Loan

When the home you wish to purchase does not conform to traditional loan limits for conventional loans, you need a jumbo loan. This unique home financing option is a common financing option many of our clients in Treasure Valley and Magic Valley, ID, choose for loans exceeding $424,100. At Boise River Lending, we have more than 20 years’ experience working with clients in Idaho. We can deliver lending solutions quickly that many big banks simply cannot. Let us get to know your goals for homeownership and provide a jumbo loan mortgage for you. Contact Boise River Lending in Boise, Meridian, Twin Falls, or surrounding communities today to get started.

The Basics of a Jumbo Loan

In short, a jumbo loan (sometimes called a jumbo mortgage) is a mortgage agreement that exceeds traditional loan limits set forth through the Federal Housing Finance Agency (FHFA). The FHFA regulates which mortgages can be purchased or “guaranteed” by mortgage giants Fannie Mae and Freddie Mac. When a mortgage exceeds this limit, it is known as a “nonconforming” or jumbo loan. In Treasure Valley and Magic Valley, this limit is $424,100 for a single-family home. Both conforming and nonconforming loans are “conventional” loans in that they are not insured through the federal government in any way.

This type of nonconforming mortgage typically has an adjustable interest rate, though terms may vary from one to 30 years.

Jumbo loans traditionally require a more substantial down payment and higher annual percentage rate (APR) than conforming loans. At Boise River Lending, we work with clients to find the most competitive rates and agreeable terms available for jumbo loans.

Qualifying for a Jumbo Loan

To qualify for a jumbo loan, you may need to submit a down payment of 10-30% of the value of your loan. If you are unable to do so, you may need to carry private mortgage insurance (PMI), which can be costly over time.

While every jumbo mortgage is unique, we typically require at least a 700 credit score, and a debt-to-income ratio of 45% or less. We will need to see documentation of your income as well.

A Big Purchase Requires a Serious Lending Partner

The Boise River Lending team is dedicated to helping our clients find the right home financing solutions for their needs. If you are considering a jumbo loan to purchase the home of your dreams, we have the options you are looking for. If you live in Boise, Meridian, Twin Falls, or surrounding communities, contact us for a complimentary consultation today. A dedicated agent will walk you through each step of the jumbo loan process.