JUMBO
Borrower Eligibility
Jumbo Mortgage Loan Borrower Eligibility
A Jumbo Mortgage is a type of home loan used to finance properties that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These limits typically vary by location but are often around $766,550 for most areas in the U.S. For high-cost areas, the limits are higher. Due to the larger loan size, jumbo mortgages have more stringent borrower eligibility requirements than conforming loans. Letās explore jumbo mortgage borrower eligibility
Eligible Borrower | Ineligible Borrowers |
|---|---|
U.S. Citizen | Borrower(s) and co-borrower(s) who are the listing agent of the subject property |
Permanent Resident Alien | Vesting held in Corporations, Partnerships, Limited Partnerships, or LLC |
Non-Permanent Resident- Primary residence, 1 unit only | Borrower(s) without a social security number |
Non-occupant Co-borrower- Primary residence, 1 unit only | Individual Taxpayer Identification Numbers (ITINs) |
Living āInter Vivosā Trusts | Borrower(s) with more than 4 financed properties, including the borrower’s subject property and regardless of occupancy |
| Ā | Diplomats ā diplomatic immunity should appear on Visa or checked against State Deptās List |
| Ā | Land Trusts |
| Ā | Borrower(s) who are not natural persons and loans with title or interest held in various forms/legal entities such as life estates, non-revocable trusts, guardianships, conservatorships, LLCs, corporations, or partnerships |
| Ā | Borrower(s) purchasing a property from a builder who, in turn, is purchasing the borrowerās existing property |
| Ā | Borrower(s) or co-borrower(s) employed in the construction trades who are involved in the construction, financing or sale of the subject property |
| Ā | Loans with more than 4 borrowers |
Eligibility for a jumbo mortgage is stricter than for conforming loans due to the increased financial risk for lenders. While U.S. citizens, permanent residents, and certain non-permanent residents are generally eligible, foreign nationals and borrowers seeking to use irrevocable trusts or corporate entities may face limitations. Additionally, the number of properties financed and the relationship between co-borrowers are key considerations when determining eligibility.
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