Jumbo Loans: Personalized Financing Solutions for High-Cost Homes

At Nortex Mortgage, our qualified mortgage professionals help clients secure home financing in all price ranges. Mortgages that exceed certain conforming loan limits are known as non-conforming or “jumbo” loans. In Collin and Denton Counties, the conforming loan limit for a single-family home is $453,100. You may require a jumbo loan if you require financing that exceeds that limit. We serve clients in Plano, McKinney, and Frisco, Texas. Even for jumbo loans, we are confident we can help you find the most competitive rates available. Contact us to get started today.

High-Value Conventional Loans

Jumbo loans are a type of conventional loan. Conventional loans are fully funded and insured through private lenders, banks, and insurers. They differ from nonconventional loans, backed to some degree by the federal government. Conventional loans typically offer more competitive interest rates and flexible terms than non-conventional ones. Common nonconventional loans you may have heard of include FHA loans and VA loans.

Conventional loans have two divisions, as mentioned: conforming and non-conforming loans. Government-sponsored entities (GSEs) Fannie Mae and Freddie Mac set the conforming loan limits varying from county to county across the United States. These giant companies buy mortgages in bulk from companies and create mortgage-backed securities. They will not purchase mortgages exceeding their set limits, because those jumbo mortgages pose a higher risk. Loans that exceed the following limits in Collin and Denton Counties are considered jumbo loans:

  • $766.500 for a single-unit home
  • $981,500 for a two-unit home
  • $1,186,350 for a three-unit home
  • $1,474,400 for a four-unit home

Securing a Jumbo Loan

Jumbo loans are more challenging to qualify for than nonconventional and conventional conforming loans. To qualify, you should have good credit (a 700 score or higher, though each case is different) and a low debt-to-income ratio (40% or lower). You may need to provide substantial paperwork, including up to two years of tax returns, proof of income, and lines of credit. In most cases, jumbo loans require a down payment of at least 20-30%. The higher the down payment you can provide, the better interest rate you can secure.

Regarding interest rates, jumbo loans traditionally have higher rates than conforming ones because private lenders must keep their mortgages on their books rather than sell them to Fannie Mae and Freddie Mac. We work with several capable lenders with the financial power to make these high-cost loans and still offer competitive rates. Whether you’re looking for an adjustable-rate mortgage (ARM), or a fixed-rate mortgage, we can help. We also offer short and long terms to suit your needs.

We’re Here for You Today

When you are ready to look more closely at jumbo loans and how one could help you buy the home of your dreams, contact Nortex Mortgage. We have the experience you need for such an important investment. We help clients in Plano, McKinney, Frisco, and nearby Texas neighborhoods. Contact us today to schedule a free mortgage consultation.


Trusted. Experienced. Secure.

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