Jumbo Loans

If you’re ready to buy a home with a higher price tag, a conventional loan might not cut it. Thankfully, BayFirst offers jumbo loans to help you purchase the high-value home of your dreams.

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Flexible Terms

Jumbo loans offers 15, 20, and 30-year term options.

Minimum Loan Requirements

Most states require jumbo loans to meet or exceed $806,500.

What is a Jumbo Loan?

Jumbo loans are designed for purchasing or refinancing a home that exceeds conventional loan limits set by the Federal Housing Finance Agency (FHFA), such as high-valued homes or those in high-priced areas. To qualify, borrowers must have an exceptional credit score and low debt-to-income ratio.

Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.

Jumbo Loans:

  • Must exceed $806,500 (in most states)
  • Interest can be tax-deductible in some cases
  • Offer flexible terms for 15-year, 20-year, and 30-year loan periods
  • Have higher interest rates and down payment requirements compared to conforming loans
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Why BayFirst?

At BayFirst, we’re Here for What’s Next®, including your new address. But before you can turn the key, you’ll need to get started on finding the right mortgage. For more than 20 years, BayFirst’s expert mortgage lenders have been helping buyers like you find the best rates, terms, and loan types to get you moving into the biggest house on the block.

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Our Step by Step Process.

Contact A Mortgage Expert

Unsure if a Jumbo Loan is right for you? Our experts can help you weigh your options.

Get Pre-Approved

Use the BayFirst Buyer Ready Program to get preapproved and ahead of the competition.

Go Shopping

Stay within your preapproved limit, keeping in mind closing costs, inspections and other additional fees associated with buying a home.

Lock In A Rate

Once you’ve found the home you want, you’ll lock in a rate as the application is processed.

Move In

After the application process is complete, you’re clear to close, grab the keys and move on in.

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What’s Next?

Federal Housing Finance Agency Map

Next, gather your income history, debt information, social security number and bank statements.

We also recommend confirming your home limits with the Federal Housing Finance Agency using their interactive map.

Loan Limit Map

Jumbo Loan FAQs

What’s the difference between a Jumbo Loan and Conventional Loan?

Jumbo loans are used when the loan amount exceeds the conventional limit set by the Federal Housing Finance Agency (FHFA) – such as high-valued homes or those in high-priced areas.

Do I need 20% down to get a Jumbo Loan?

In the past, a 20% or higher down payment was required but now there may be some exceptions. Your lender will help determine your personal loan requirements.

What if I can’t find a home within conforming loan limits?

If you have your heart set on a home in an expensive housing market, you’ll probably need a jumbo loan. But it’s more common than you might think, especially in a hot real estate market when even modest homes can require this type of loan.

Can I only purchase a single-family home with this type of mortgage?

In addition to single-family homes, a jumbo loan may also allow borrowers to buy second homes and personal investment properties.

All loans subject to approval, including credit approval. Income, credit and property restrictions may apply. Other programs available. Programs subject to change or termination without notice. BayFirst National Bank is not affiliated with the Federal Housing Administration, U.S. Department of Veterans Affairs, or any other government agency.