Jumbo Loan

A jumbo loan may be the best choice for you if the home you wish to buy is over a certain purchase price or doesn’t conform to loan limits placed on government-backed or conventional loans. The purchase price minimum for a jumbo loan differs in many counties, so it’s important to speak with your Ruoff Mortgage loan officer to learn more.

Why a Jumbo Loan?


High Credit Requirement

The minimum credit score allowed for a jumbo loan is 700. Unlike most other loans, a jumbo loan is a higher risk for lenders. That means, the borrower requirements are stricter.


Good Financial Health

If you borrow a jumbo loan, you cannot have a recent bankruptcy or foreclosure on your record. It is also important to keep your debt-to-income ratio below 43%.


Low Down Payment

Jumbo loans can be borrowed with as little as 10% down. These loans will be required to pay private mortgage insurance until they’ve paid 20% of their purchase price.


Emergency Funds

Many lenders will require that you have between 3 and 24 months’ worth of mortgage payments in your savings accounts. This is to ensure that the jumbo loan will not fall into delinquency.

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Steps to a Jumbo Loan:


Get Pre-Approved.

Ruoff's mobile app, Loan Butler, can help you receive your pre-approval letter quickly. Plus, you can upload all required documents straight into the app to save you time and energy.


Speak with a Loan Officer.

Lock in your mortgage rate early and stay in the loop. Your Ruoff Mortgage Loan Officer will keep you and your agent updated every step of the way with our Milestone Updates.


Clear to close.

Thanks to Ruoff's Digital Closing Experience, you'll only spend 10 minutes with your loan officer and agent finalizing the purchase at closing.

I'm Interested in a Jumbo Loan!

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What is the minimum credit score I can have?

Your credit score should be higher than 680 to qualify for this loan. It is better to have a credit score over 700, however.

What is the minimum purchase price for a jumbo loan?

In 2019, the loan limit reached 484,350 but will likely rise in the coming years. There are some counties and states where this limit is higher, so check with your lender to discuss your individual situation.

Are there any government-backed options for a jumbo loan?

Yes. The U.S. Department of Veterans Affairs may back your jumbo loan if you qualify. Your down payment requirement on this loan could be as high as 25%.

Ready to get started with a Jumbo loan?