Jumbo Mortgage Loans at OneAZ Credit Union
Jumbo Mortgage Loans make homeownership possible even in the most expensive real estate markets.
Finance your dream home with a jumbo loan from OneAZ.
With home values at all-time highs, more people are taking advantage of jumbo loans to purchase their new homes. Whether you’re looking for a new house or a vacation home, we have the right loan for you no matter the price tag.
What is a Jumbo Mortgage Loan?
A Jumbo Loan is used for homes and properties where financing exceeds $766,550. That number changes each year and is determined by limits set by the Federal Housing Finance Agency (FHFA).
Jumbo Loans are also known as non-conforming loans because they are not guaranteed by Fannie Mae or Freddie Mac.
The benefits of a Jumbo Loan from OneAZ include:
- Financing up to $1,000,000 with only 3% down*
- Loan amounts up to $3,000,000
- Reduced mortgage insurance premiums
- Your loan stays local from application to funding
How Does a Jumbo Loan Work?
Jumbo loans have stricter requirements than other types of mortgages. Here’s what you can expect when applying for a jumbo mortgage loan.
- Higher Minimum Credit Score: Jumbo loans will require a higher credit score than conventional or government backed loans.
- Larger Cash Reserves: You may be asked to have 6 to 24 months of mortgage payments and expenses on hand as reserves.
- Larger Down Payments: Larger mortgage amounts require larger down payments.
- Lower Debt-to-Income Ratio: This helps prove your ability to manage your payments.
- Higher Closing Costs: Expect to pay higher closing costs with jumbo loans based on various mortgage related fees associated with a larger overall loan amount.
View today’s Jumbo Mortgage Loan rates.
View the current rates for jumbo mortgage loans and more.
Jumbo Mortgage Loans: Fixed Rate vs ARMs
Fixed-Rate Jumbo Loan:
The rate will remain the same for the life of the loan, or until you refinance into a different rate or loan.
Adjustable-Rate Mortgage for Jumbo Loan:
The rate can adjust throughout the life of the loan. The initial interest rate is fixed for a set period and then will adjust based on the market rates.
How to Apply for a Jumbo Mortgage Loan
OneAZ's Easy Homebuying Process
Get Pre-Qualified
It’s easy to get pre-qualified for your home loan at OneAZ. Apply now online or over the phone.
Find Your New Home
With your pre-qualification, you can start searching for a home that fits your budget and let us know when you find it.
Close the Deal
Once you’ve found your new home, choose your loan terms, lock-in your rate, and close on time, guaranteed.
Why take out a Jumbo Loan?
In the past, jumbo loans were primarily used for those purchasing a luxury home. But with the rapid increase in home values over the past few years, jumbo loans are becoming more of a norm for a typical single-family home in Arizona metropolitan areas.
Mortgage Calculator
Use our mortgage calculator to calculate your monthly mortgage payment. This calculator demonstrates how the payment is split between principal and interest.
Home Lending Resources
Learn more about mortgage options and saving for a home in our Financial Resources Guide.
What is a Jumbo Mortgage Loan?
A jumbo mortgage is used when a mortgage loan exceeds the conventional loan limits set by the FHFA for Fannie Mae or Freddie Mac.
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Jumbo Mortgage Loan Frequently Asked Questions
Jumbo loans work differently than conventional mortgages. These loans have stricter requirements than other types of mortgages, and you’ll have to meet verify specific property type, down payment, credit score and debt-to-income ratio requirements to get one.
- Loan limit must exceed $766,550
- Debt to income ratio
- Similar to conventional loan
A jumbo loan gives you the opportunity to purchase a larger, more expensive property.
Our Jumbo Loans aren’t one-size-fits-all. Whether you’re looking for a fixed-rate or adjustable-rate mortgage, our Jumbo financing solutions will fit your individual needs.
- Jumbo Loans for primary residences and vacation homes
- Purchases and refinances qualify
- Competitive rates and pricing
In the past, jumbo loans required a much higher down payment than that of a conventional loan. Instead of 5% - 10% down payments you could expect with conventional loans, jumbo loans often required up to 20% - 30% down.
Down payment restrictions have improved and you can now find minimum down payment amounts starting at 3%.
At OneAZ, we offer financing up to $1,000,000 with only 3% down.*
You can contact our local team of experienced mortgage loan officers to answer any additional questions you may have about jumbo mortgage loans. They can be reached by phone, online or by visiting a local branch.
* Terms and Conditions Apply; All loans are subject to credit approval, underwriting factors, and program eligibility. Membership qualifications apply. For membership eligibility visitOneAZcu.com/membership.
