{"id":83496,"date":"2023-05-12T10:38:02","date_gmt":"2023-05-12T17:38:02","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=83496"},"modified":"2024-01-23T11:49:03","modified_gmt":"2024-01-23T19:49:03","slug":"what-is-a-jumbo-loan-in-arizona","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/what-is-a-jumbo-loan-in-arizona\/","title":{"rendered":"What is a Jumbo Loan in Arizona in 2024?"},"content":{"rendered":"

When it comes to purchasing a home in Arizona<\/a>, buyers may have difficulty finding financing beyond the conforming loan limit. This is where jumbo loans come into play. Whether your sights are set on a luxurious house in Scottsdale<\/a> or a new construction home in Phoenix<\/a>, join us as we delve into the intricacies of jumbo loans in Arizona in 2024.\u00a0<\/span><\/p>\n

\"arizona<\/p>\n

What is a jumbo loan?<\/span><\/h2>\n

A <\/span>jumbo loan<\/span><\/a> is a type of mortgage that’s designed to help you finance the purchase of a home that exceeds the limits set by the Federal Housing Finance Agency. In <\/span>Arizona<\/span>, this type of loan is often needed for high-end homes or properties located in expensive housing markets like Scottsdale<\/a>. With a jumbo loan, you can get the financing you need to buy your dream home, even if it’s more expensive than what a standard mortgage will finance.<\/span><\/p>\n

If the loan amount needed is more than the conforming loan limit (CLL), you’ll need a jumbo loan. It’s important for homebuyers to understand the requirements and implications of obtaining a jumbo loan in Arizona. For instance, borrowers typically need a higher credit score and a larger down payment to qualify for a jumbo loan.<\/span><\/p>\n\n

 <\/p>\n

What is the jumbo loan limit in Arizona?<\/span><\/h2>\n

The jumbo loan limit in Arizona is $766,550 across all counties.<\/b> This means that a loan amount exceeding $766,550 will be considered a jumbo loan in Arizona. For example, if you’re buying a <\/span>home in Maricopa County<\/span><\/a>, where the median sale price is $440,000, a loan limit exceeding $766,550 would be considered a jumbo mortgage.<\/span><\/p>\n

Keep in mind that the amount being borrowed is what determines whether or not you\u2019ll need a jumbo loan, not the price of the home you’re buying. So, if you were to put $100,000 down on a $780,000 <\/span>home in Phoenix<\/span><\/a>, the loan would be $680,000, which is under the conforming loan limit for this area. In this case, your loan wouldn\u2019t be considered a jumbo loan.<\/span><\/p>\n

For more information on the conforming loan limit in your county, use the <\/span>FHFA map<\/span><\/a>.\u00a0<\/span><\/p>\n

What are the requirements for a jumbo loan in Arizona?<\/span><\/h2>\n

To qualify for a jumbo loan in Arizona, borrowers must meet stricter requirements than they would for a conforming loan. The specific requirements can vary from lender to lender, but below are the typical requirements for borrowers applying for a jumbo loan.<\/span><\/p>\n

Higher credit score:<\/b> In order to be eligible for a jumbo mortgage, lenders generally expect borrowers to have a credit score of at least 720. While some lenders may consider a score as low as 660, a credit score of less than that is typically not accepted.<\/span><\/p>\n

Larger down payment:<\/b> Jumbo loans require larger <\/span>down payments<\/span><\/a> than traditional mortgages. While the exact amount varies depending on the lender and the borrower’s financial situation, down payment requirements for jumbo loans can be as high as 20% or more. That said, some lenders may offer jumbo loans with down payments as low as 10%, provided the borrower meets certain credit and income requirements.<\/span><\/p>\n

More assets:<\/b> During the asset review process, lenders typically request that jumbo loan borrowers provide evidence of sufficient liquid assets or savings to cover the equivalent of one year’s worth of loan payments.<\/span><\/p>\n

Lower debt-to-income ratio (DTI):<\/b> When applying for a jumbo mortgage, Arizona lenders typically look for a borrower with a debt-to-income ratio (DTI) below 43%. Ideally, a DTI closer to 36% or lower is preferred. The <\/span>DTI<\/span><\/a> is calculated by dividing the sum of all monthly debt payments by gross monthly income. A lower DTI signifies a borrower’s ability to manage their current debt load while taking on additional mortgage payments. It also indicates greater financial stability and the ability to make on-time payments towards their jumbo loan.<\/span><\/p>\n

Additional home appraisals:<\/b> A <\/span>home appraisal<\/span><\/a> is required whenever a homebuyer receives financing for their home purchase. However a mortgage lender may require an additional appraisal for jumbo loans. In areas with limited comparable property sales, this appraisal can be more expensive than in areas with higher sales rates.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Let\u2019s break down what a jumbo loan is in Arizona, the 2024 conforming loan limits, and what\u2019s needed to qualify for this type of loan.<\/p>\n","protected":false},"author":649,"featured_media":83495,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[2656],"tags":[34444],"coauthors":[34779],"class_list":["post-83496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-insights","tag-az"],"acf":[],"yoast_head":"\nWhat is a Jumbo Loan in Arizona 2024? 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