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What is a Jumbo Mortgage Loan?

Buying a home to lay down your roots is an exciting moment of your life, but what if the amount you want to borrow exceeds the norm? If you expect to borrow more than $424,100, then a jumbo loan is what you are looking for. Also known as non-conforming mortgages, jumbo mortgage loans follow different underwriting guidelines than those set forth by the Federal National Mortgage Association/Federal Home Loan Mortgage Corporation (FNMA/FHLMC). 

The purchase limit varies from county to county depending on whether you’re buying a home in a higher cost housing market, but $424,100 is generally the limit across the country. Depending on the lender, the limit could be $424,100 regardless of the location of the property.

How is Jumbo Mortgage different?

Compared to regular, conforming mortgage loans, non-conforming mortgage loans differ in a number of underwriting criteria. Here are a few examples:

Is Jumbo Mortgage right for me?

If the amount you intend to borrow to finance a new home exceeds the average limit of $424,100, then you will need to apply for a jumbo loan. Keep in mind that the limit isn’t based off of the market value of the house, but rather the total loan amount you will be borrowing. 

Qualification criteria may vary depending on the lender but generally, those who have higher credit scores, low debt-to-income ratios and less than four total financed properties are more likely to qualify for a jumbo loan.   Knowing your credit score and your debt-to-income ratio upfront can help you plan ahead for the right type of mortgage and down payments you may need to buy your new home. You should be able to check your credit score regularly with the free report available from the major credit reporting agencies once a year and from services like Credit Karma. 

Nationwide Jumbo Mortgage rates

Jumbo mortgage rates are for mortgages greater than $424,100.

Jumbo fixed-rate mortgage loan rates

Jumbo adjustable-rate mortgage (ARM) loan rates

Loan Type Interest Rates
APR* as low as
Points
Monthly Payment
Jumbo 5/1 ARM
2.750% 3.001%
.25
$2,449.45
Jumbo 7/1 ARM
2.875%
3.000%
0
$2,489.35

*APR refers to Annual Percentage Rate. APR effective 7/1/2016 and subject to change. APR may vary based on creditworthiness, down payment, loan amount and loan program. 


Mortgage refinance nonconforming (jumbo) loan rates

How to apply for Nationwide Jumbo Mortgage

Nationwide has a quick and secure online mortgage application for conforming and non-conforming loans. Get pre-qualified for your loan by filling out our online application. Once your application is submitted, a Nationwide Bank Mortgage Consultant will call you to discuss the rest of the steps in the mortgage loan process. You can also apply by phone by calling 1-877-636-0598, 8 a.m. to 5 p.m. ET, Monday - Friday.

Nationwide Bank NMLS #769318. To verify that a mortgage company or individual is authorized to conduct business in your state, visit the NMLS Consumer Access website.

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