Jumbo loans · For luxury homes
Buying a luxury home? Know your financing first.
A jumbo loan is a mortgage larger than the conforming loan limit, the maximum amount Fannie Mae and Freddie Mac will buy in your county. It works for a home you live in, a second home, or an investment property. Because the loan is larger, lenders review your finances more closely. A well-prepared file up front keeps the process smooth.
What to know.
The essentials, in plain English.
- One loan above the limit
Finance the full amount in a single loan, so you are not managing a second mortgage alongside your main one. The conforming limit is the cap set for your county.
- Choices that fit how long you’ll stay
Pick a fixed rate that stays the same for the whole loan, or an adjustable rate (ARM) that stays fixed for a set period and then adjusts. The right fit depends on how long you plan to keep the home.
- Your home, a second home or an investment
Jumbo financing can apply to the home you live in, a vacation property, or a rental. Guidelines differ by how you will use the property, so we review that first.Jumbo loans can finance the home you live in, a vacation property or a rental.
- A file built to hold up
Underwriting is the lender’s review of your finances, and on a jumbo loan it looks closely at income, assets and reserves (the savings you have left after closing). We organize your file with you up front, so there are no surprises later.
What happens after you press the button.
- We reach out with a total cost analysis taking all apsects into the equation
- Ryan reads what you send personally and gets in touch to talk it through.
- What you’ll talk about
- Your price range, income, assets and reserves, and whether the home is your main home, a second home or an investment.
- What to have handy
Estimated income, rough balances of assets, estimated return on current investments and the price range you’re shopping in.
Who it fits
Buyers and owners of higher-priced homes with strong credit and solid savings.
- Buyers of homes above the conforming limit
- Second-home buyers
- Investors
- Owners refinancing a larger loan
What you’ll need
Jumbo files are thorough. Your loan officer confirms the list with you.
- Pay stubs, W-2s and tax returns
- Statements for your bank, brokerage and retirement accounts
- Details of any other properties you own
- A photo ID
Common questions
When do I need a jumbo loan?
When the amount you borrow is above the conforming loan limit for your county, which is set each year.
Jumbo or a conventional loan with a second mortgage?
Some buyers pair a conventional loan with a second mortgage instead of one jumbo loan. It can work, with two payments and two sets of terms to weigh. Your loan officer can price both.
Are jumbo loans harder to get?
They look more closely at credit, income and savings, because no government agency backs them. A clear picture of your finances up front makes the process smoother.
How much do I need in reserves?
It depends on the lender, the loan amount and the property. Reserves are the savings you still have after closing, counted in months of mortgage costs, and your loan officer can tell you what your loan will need.
Do jumbo loans need a larger down payment?
Usually more than a conventional loan asks for, though it varies by lender and loan size. Your loan officer can show you the options, with the full terms of each.
Can I choose an adjustable rate on a jumbo loan?
Yes. Many jumbo borrowers choose an adjustable rate that stays fixed for an initial period. Your loan officer can compare fixed and adjustable options side by side.
Will I need two appraisals?
Some jumbo loans need a second appraisal, usually at higher loan amounts. Your loan officer will tell you whether yours does.
Will checking my options affect my credit?
Answering a few questions doesn’t check your credit. A credit check comes later, only with your permission, and your loan officer can explain how it may affect your score.
What if I don’t qualify?
Your loan officer can show you other ways to structure the purchase, such as a larger down payment or a different loan, and what would change the answer.
What does a jumbo loan cost?
Closing costs such as lender fees, title charges and one or two appraisals. Your Loan Estimate lists every cost before you commit.
5.0
45 reviews of New American Funding: Ryan Skaggs (MORTGAGE) on Google
Northbrook families,
in their own words.
“Ryan and his team were very professional throughout the whole process and able to close in under 21 days (which was the seller's main condition).”
Natasha V
“Ryan and his team are simply the best. They made the entire loan process very clear and simple. This team is extremely attentive and helpful. Highly recommend!”
Eric Matejcak
“Ryan & his entire team are the ones you need for the biggest purchase you’ll ever make in a home. Their dedication & disciplined is what allowed me to have an efficient closing. Thank you all again! Highly recommend 💯”
Steph B
“Neighborhood Loans and specifically Ryan Skaggs has been with me on my home buying journey since the beginning. Recommended by my amazing Realtor, I met Ryan in 2021.”
Bemnet Yigzaw
“Ryan was great, communicated extremely well and thoroughly. He made the entire process fairly simple. Would recommend him for sure.”
Scott Walters
“We are so incredibly grateful we found Ryan! My wife and I were pretty overwhelmed when we first started looking at mortgages.”
Jonathan Peig
“Ryan from the neighborhood loans team is the kind person you want in your corner when buying a home. From pre-approval to close, he was responsive, consultative, and patient.”
Andrew Harris
“Ryan is wonderful to work with and makes the mortgage process as easy as can be. Highly recommended!”
Michael Leifman
“Thank you to Ryan and his team. Our realtor recommended them. We are very happy we decided to work with them. They kept in touch after we decided it wasn't the right time to buy. One year later, we are in our new home.”
Amanda Atkinson
“Ryan did an amazing job getting my buyers closed on a multi unit investment in Chicago. He was profession and concise, updating everyone weekly on the process and keeping things on track. We closed three weeks early, largely for to his efforts.”
Paul Barker
Make your offer
with your financing ready.
Bring Ryan the home you have in mind, and plan the purchase together.
(773) 569-8692