High Balance and Jumbo

The jumbo loan option is used to purchase or refinance a higher priced home. It is a non QM or non Qualified-Mortgage. It does typically carry with it a higher rate or certain features like an adjustable period after being fixed for a certain period of time, typically 5, 7, or 10 years.

At Skyridge Lending we offer many different jumbo loan options based on what best fits the clients situation. There are a few options with as little as 5% down. We have loan amounts going up to 25 million. Typically once the loan amount is over $1,000,000 two appraisals are required and the loan to value and loan amount are based off of the lower appraised value of the two reports. Some jumbo loans do require reserves in the form of checking or savings, money market, 401k, etc. Reserve is based on the number of months of payments for the house. An example of this is if the program requires 12 months reserves then this is equal to verifying you have 12 months’ worth of house payments in your account after paying your down payment and closing costs for the loan. Payment is the total of principle, interest, taxes, insurance, and homeowners association dues. Click here to compare options.