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The Beginner’s Guide to Jumbo Loans


The Spire

For many that are just beginning to look into a home for the first time, there is a whole new world of terminology, principles, and rules to learn in order to successfully navigate the waters of homeownership. For those new to homes, loans and mortgages, learning the basics of jumbo loans and requirements and why they might be the right choice for you.



  • Down payment of 20% or greater
  • Debt-to-Income ratio around 40% or less
  • Property appraisal, possibly two appraisals
  • Closing costs, typically well over $10,000
  • Consistent income that you can document with tax records and bank statements
  • Credit score of around 700 or even greater

If you meet the previous qualifications, you could be a great candidate for a jumbo loan. The higher loan amounts require higher standards for recipients than a normal loan, so it is important to see if you meet the minimum requirements before proceeding. If you do not currently meet these requirements, you can begin to work towards them to ensure your future qualification for a jumbo loan.


A Lending Hand for Financing Home Mortgages

Spire Financial (A Division of V.I.P. Mortgage, Inc.) brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.