We offer jumbo loans

"PMG was extremely thorough and attentive to our financial needs, making sure that we were getting the best rate possible." - Bob & Katie K.

PMG offers flexibile jumbo loan options

PMG Home Loans has jumbo mortgage options that are perfect for those looking to buy a home in higher-priced regions. We can also help you refinance your existing jumbo mortgage.

Contact PMG Home Loans today to learn more about our jumbo loan options!

Jumbo Home Loan Benefits

Loans up to $2.5 million
Fixed- and adjustable-rate options
Minimum credit scores as low as 680
Loan-to-value ratios of up to 90%
Flexible cash-out options
Only one appraisal needed for loans up to $1.5 million

You don’t need to compromise on your dream home with PMG’s jumbo home loan options!

If you've got a good credit history, you can

get a jumbo loan with favorable terms.

Our jumbo loan options allow you to buy a home that exceeds the cost limits of a conforming loan.

Currently, loans of more than $552,000 in Sacramento and Placer Counties exceed the 'conforming amount.' What this means for you is that lending requirements for jumbo loans are tighter than for conforming loans.

Homebuyers can find ways around getting a jumbo loan, such as by paying a large enough down payment that their loan amount falls below the conforming limit. But don't worry. If you need a jumbo loan and you have a good credit history, it's still possible to get a great loan.

What are the requirements for a PMG jumbo loan?

Despite the fact that homes in California tend to be more expensive, most homes fall comfortably under the limit for conforming loans; the average sale price for homes in the Sacramento region has been around $350,000 for the past couple years.

However, for those considering a larger home—especially those who are upgrading—the homes you're looking at may exceed the conforming loan limit, meaning you’ll need a jumbo loan. To qualify for a jumbo loan, you need to show that you have a very strong credit history. When PMG and other lenders are considering offering a jumbo loan, they consider several factors, the most important of those being:

good credit history

For a jumbo loan, lenders like seeing a credit score over 700, preferably over 740. Some lenders will go as low as 680 or so, but you need to have other factors working in your favor to offset a lower FICO score.

liquid/cash reserves

You’ll need to have W-2 forms from at least the last two years, and a few recent pay stubs. If you’re self-employed, you’ll probably need documentation going back further. In addition, you’ll need to show that you have cash on hand that can cover your mortgage payments for 6 months.

acceptable debt-to-income ratio

The debt-to-income ratio (DTI) is calculated by taking all of your existing monthly debt payments (such as credit cards, car payments and student loans, etc) and dividing it by your monthly income. Generally, a DTI under 43% is preferable, but depending on your financial circumstances, a DTI as low as 35% may be necessary.

10% min. down payment

In the past, down payments for jumbo loans could range from 20% to 30%. While such down payments are still on the higher side, your required down payment could be as low as 10% depending on your credit history.

We'll find the jumbo loan that's perfect for you and your family.

Determining whether a jumbo loan is right for you requires looking at many factors. But that’s where we come in. PMG will work with you to find the best possible jumbo loan, or determine whether another mortgage solution is better suited to your needs. Contact us today, and take the stress out of getting a jumbo loan!

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