Loan options / Jumbo loans
Bigger loan.Same one personon the phone.
A jumbo loan is any mortgage above the conforming limit for your county. Because Fannie Mae and Freddie Mac will not buy it, the lender carries more of the risk, and underwriting is more thorough. It is still a straightforward loan when the file is strong, and for higher-priced homes it is often the only path.
Who it's for
For buyers above the conforming line.
If the home you want costs more than the conforming limit allows, this is the loan. Most jumbo buyers have strong income, good credit, and some cash in reserve.
Homes above the local limit
In many of the markets Patriot serves, an ordinary single-family home can exceed the conforming limit.
Vacation and destination markets
Mountain, lake, and coastal properties frequently need jumbo financing.
Strong, documented income
Salaried, self-employed, and asset-rich borrowers can all qualify with the right documentation.
VA jumbo
If you are VA-eligible with full entitlement, a VA loan has no limit and may beat a jumbo. We check that first.
What you'll need
What jumbo underwriting looks for.
- Credit score700 is the usual floor, with the best pricing at 740 and above. Patriot's minimum varies by program and is subject to change; your loan officer will confirm it.
- Down payment10% is possible for well-qualified buyers on a primary residence; 20% is more common and unlocks better pricing.
- ReservesSix to twelve months of mortgage payments in liquid or retirement assets after closing, depending on loan size.
- Debt-to-incomeTypically 43% or lower.
- DocumentationTwo years of full income documentation. Asset-based qualifying is available for borrowers with substantial liquid assets.
- AppraisalOne full appraisal, and a second for larger loan amounts.
How it works
From first call to closing. Five cards, one person the whole way.
Talk to your loan officer
One call, one person. You get a name, an NMLS number, and a direct line, and that person stays on your file until you close.
Get pre-approved
We verify income, pull credit, and lock down what you can afford. Most pre-approvals are ready within a business day.
Shop with confidence
Your pre-approval letter tells sellers you are a real buyer. Your loan officer is available to your agent for questions on any offer.
Appraisal and underwriting
The appraisal is ordered the day you go under contract. Every condition and milestone comes to you by text and email.
Close and move in
Sign, fund, and get your keys. No prepayment penalty if you refinance or sell later.
Ways to use it
Purchase and refinance.
Purchase
Primary residences, second homes, and investment properties above the conforming limit.
Rate-and-term refinance
Refinance an existing jumbo or move a conforming loan into a jumbo when it makes sense.
Cash-out refinance
Access equity in a higher-value home for renovation, investment, or consolidation.
Adjustable-rate options
A 7/6 or 10/6 ARM can lower the payment during the fixed period, useful if you plan to sell or refinance within it.
Questions
Straight answers.
What counts as a jumbo loan?
Anything above the conforming limit for the county, which is set each year by the FHFA and is higher in designated high-cost areas. Your loan officer will confirm the number for the county you are buying in.
Are jumbo rates higher?
Not necessarily. Jumbo rates are often within a fraction of a point of conforming, and occasionally lower, depending on market conditions.
How much do I need down?
10% at minimum for strong files; 20% or more for the best pricing, second homes, and larger loan amounts.
What are reserves?
Cash or investments you still have after closing, measured in months of your total mortgage payment. Retirement accounts usually count.
Can I use a VA loan instead?
If you are VA-eligible with full entitlement, there is no VA loan limit and you may be able to buy with nothing down. We always check that first.
Do I need two appraisals?
Sometimes, above a certain loan amount. Your loan officer will tell you up front if your loan requires it.
Talk to a jumbo loan officer in your state.
Licensed by name, in the state you are buying in. No call center, no hand-offs.
Jumbo program terms, minimums, and reserve requirements vary by loan amount and property type and are subject to change. Belem Servicing LLC d/b/a Patriot Home Mortgage, NMLS #715386. Equal Housing Lender.