|Term||30-year fixed - jumbo|
|Term||20-year fixed - jumbo|
|Term||15-year fixed - jumbo|
|30-year fixed - jumbo|
|20-year fixed - jumbo|
|15-year fixed - jumbo|
What is a jumbo mortgage loan?
If you’re considering refinancing a high-valued or luxury home, a jumbo loan may be right for you. The limit on conforming loans is $548,250 in most areas of the country, but jumbo mortgages can exceed these limits. Borrowers are required to have a low debt-to-income ratio and a high credit score. To estimate what your monthly payments could be, use our mortgage refinance calculator to crunch the numbers.
Keep in mind, if the home you are considering refinancing is in a high-cost area, you may still be able to obtain a conforming fixed-rate refinance loan or adjustable-rate refinance loan for up to $822,375.
Contact a mortgage loan officer to determine which mortgage loan is right for your particular needs and to learn more about jumbo loans and jumbo mortgage rates.
Benefits and considerations of jumbo loans
Higher purchase limits
Jumbo mortgages can exceed the conforming loan limit, currently $548,250 in most parts of the United States.
Jumbo loan rates have reached historic lows in recent years, and interest on the first $822,375 of the mortgage may be tax-deductible.1
Jumbo loans are available for refinancing existing mortgages. U.S. Bank offers 15-, 20- and 30-year options. Check out today’s 30-year jumbo refinance rates.
Jumbo loan requirements and qualifications
- Credit history - To qualify for a jumbo mortgage loan, the borrower must have very good credit, which generally means a FICO score of 740 or higher. There are also established guidelines for income and other personal financial information.
- Financial strength - The borrower must have a debt-to-income ratio below 45% to qualify for a jumbo mortgage loan.
- Property appraisal - The property appraisal must support the home's value for the loan amount the borrower wants.
Compare your mortgage options to learn more, or contact a mortgage loan officer to find out whether a jumbo loan may be the right mortgage loan for your particular needs.