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Loan

Jumbo loans in Arizona

For loan amounts above the conforming limit.

Ask about this loanHow applying works

What it is

How it works

Jumbo loans have their own documentation and reserve requirements. We tell you early what the lender will ask for, then compare options from our lender network so there are no surprises late in the process.

Who it fits

  • Buyers whose loan amount is above the conforming limit for the county.
  • Buyers in higher-priced areas.
  • Owners refinancing a large balance.

Key facts

Good to know

  • A jumbo loan is a loan above the conforming limit the FHFA sets each year. That limit is higher in high-cost counties.
  • Fannie Mae and Freddie Mac do not buy jumbo loans, so each lender sets its own rules.
  • Lenders usually ask for full income documents and a close look at your assets.
  • Some jumbo loans need two appraisals.

Calculator

Estimate a payment

You choose every number. The weekly average is a starting point, not a quote.

Payment

Move any number. The math runs on this device and nothing is sent.

$

$250,000 down

U.S. average the week of Nov 5. Not a quote.

Term
$
$
$

Monthly payment

$6,774.35/ month

Sample: $1,250,000 home, 20% down ($250,000), 360 monthly payments of $6,774.35 on a 30-year fixed loan at 7.18% interest (7.18% APR, assuming no points or fees). Taxes and insurance are extra, so your real payment will be higher. Not a quote.

Principal and interest
$6,774.35

Add tax and insurance for the full payment.

Loan amount
$1,000,000
Down payment
$250,000

Over 30 years

  • Principal$1,000,000
  • Interest$1,438,766

First payment: $791.02 principal and $5,983.33 interest.

This is an estimate, not a loan offer. A lender has to confirm it.

This is not a commitment to lend or lock a rate.

Rates change. Call us. (480) 297-8855

Costs and limits

What it costs

The kinds of costs, not amounts. Your Loan Estimate lists the numbers.

Costs to expect

  • The usual closing costs, plus a second appraisal when the lender asks for one.
  • Some jumbo loans skip mortgage insurance and ask for more of your own money in the home instead.
  • Costs and terms vary more between lenders than on conforming loans, so compare offers.

Limits

  • Reserves: lenders often want months of payments left in savings after closing.
  • Credit and debt rules are often stricter than for conforming loans.
  • Each lender sets its own maximum loan amount.

Compared

How it compares

Next to Conventional loans in Arizona.

  • A conventional conforming loan follows one rule book. A jumbo loan follows the lender's own.
  • Jumbo loans usually ask for more savings left over after closing.
  • If your loan is just over the limit, a larger down payment or a second loan can sometimes keep the first loan conforming.

Read about Conventional loans in Arizona

The process

From first call to closing

  1. Talk

    A short call about your goals, your timeline, and the kind of home you want. Ask us anything.

  2. Apply

    You fill out the application online. It asks for your Social Security number and documents, and we give you a clear list of what to send.

  3. Compare

    We compare lenders for your loan and show you the options side by side, with the tradeoffs explained.

  4. Close

    We stay with you through appraisal, underwriting, and signing, and keep you posted at each step.

Questions

Questions about this loan

Not here? Call (480) 297-8855.

What is this year's conforming limit in my county?

The FHFA publishes it each year by county. We look it up for your address and tell you whether your loan is jumbo.

What are reserves?

Money left in savings or retirement accounts after you close, counted in months of payments. Jumbo lenders often ask for more than other loans do.

Can I get a jumbo loan if I am self-employed?

Yes. Expect to show tax returns and business records, or ask about a bank statement loan if your returns do not show your income well.

Reviews

From a client

Read all reviews

Chance is someone you can trust from the begging to the end of the transaction. I'm grateful to have found him to help me with the purchase of my home. Chance answered all of my questions and concerns, in detail. Couldn't have done it with out him. Buying a home can be challenging in number of things from the seller, realtor, title, etc. Chance made it easy for me, to understand, trust and believe that I was making the right decision . Thank you Chance, from my daughter and I. Sincerely, Edith Peralta, MBA/CCC

Edith Peralta

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