If you want to buy a home with a conventional loan, it is possible to borrow above the Fannie Mae and Freddie Mac conforming loan limits. You can apply for a different type of conventional loan called a jumbo mortgage.
What is a Jumbo Loan?
A jumbo mortgage is a loan for an amount in excess of the loan limits for Fannie Mae and Freddie Mac.
Another name for a jumbo loan is a “non-conforming” loan.
Do You Need a Jumbo Mortgage in Raleigh?
To figure out if you need a jumbo loan to buy a home, you must look up the Fannie Mae and Freddie Mac conforming loan limits for the county where you are shopping for a property.
Here are the conforming loan limits for every county in NC, including Wake County, where Raleigh is located.
These conforming loan limits also apply to the vast majority of counties throughout the US.
In certain high cost counties, the loan limits are higher to accommodate those higher costs of living.
There are such counties in Virginia, Tennessee, and Florida, where we also work with homebuyers.
When you have your consult, you can tell us the county where you are home shopping. We can then tell you the loan limits.
This will tell you how much you can borrow with a conforming loan versus a non-conforming loan.
Qualifying for a Jumbo Mortgage
We assess the following when you apply for a jumbo mortgage:
- Your credit score.
- Your debt-to-income ratio.
- Your employment status and history.
- Your cash reserves (you need at least six months).
- Your ability to make at least a 15% down payment.
While you generally need just a single appraisal to buy a home using a conforming mortgage, for a jumbo loan, you could need two.
Is it a requirement to be a returning homebuyer to be eligible for this type of mortgage? No. You can buy your first home in North Carolina or any other state using a jumbo loan.
Apply Now for a Jumbo Loan in North Carolina or Beyond
Ready to buy a home with a jumbo loan in Raleigh or North Carolina? Please give the Martini Mortgage Group a call at (919) 238-4934 to schedule your consultation. We also can connect you with a jumbo mortgage in Florida, Georgia, Illinois, South Carolina, Tennessee or Virginia.