Dream Home Loan Programs

Jumbo / High Balance Loans

Quick Facts

  • Loan over $424,100
  • Purchase & Refinance
  • 10% Min Down Payment
  • Fixed & Adjustable Rates
  • For Primary & Secondary Homes

Have excellent credit and looking to buy a home for more than $424,100? Then a jumbo loan may be right for you.


A jumbo loan, considered a non-conforming loan, is a loan for an amount that exceeds the conventional loan limit. This limit is determined by the Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines. The limit for a conventional loan is currently $424,100.


Most jumbo loans are adjustable rate. This means that the interest rates on a jumbo loan will periodically reset to align with current market rates. Fixed-rate jumbo loans are where the interest rate remains set for the entire duration of the loan of until refinancing.


Monthly mortgage payments can be no more than 38 percent of your income before taxes.

Frequently Asked Questions

1Does OVM Financial offer jumbo loan products?
Absolutely. OVM Financial offers a wide variety of jumbol loan products.
2Do jumbo loans require PMI?
Not always. There are ways to avoid paying PMI. PMI is only required for those who borrow more than 80% of the value of their home. As long as the Loan to Value (“LTV”) ratio is under 80%, PMI is optional.
3How much cash reserves should the borrower have?
Prepare to show you have financial reserves. A lender will want to see you have 2 to 3 months of cash reserves that is enough to cover principle mortgage payments, interest, taxes, and insurance.

Loan Program Resources



Download Jumbo Loan Fact Sheet

Download Loan Fact Sheet

Calculator

Home Value $
Monthly
Total
Downpayment (%)
20%
Loan Term (yrs)
30
Interest Rate (%)
1.5%