Jumbo Smart Loan – Jumbo Loan Requirements for 2021

Now it’s easier than ever to buy or refinance a home between $548,251 and $2.5 million.

What Makes A Jumbo Smart Loan Different?

Jumbo Smart is the new jumbo loan offering from Quicken Loans. Here are the key differences between a Jumbo Smart loan and our previous jumbo loan.

  • The max loan amount is now $2.5 million (previously $2 million).
  • You can now finance investment properties (previously only primary residences and second homes).
  • We only need one appraisal, in most cases.
  • Your debt-to-income ratio (DTI) can be as much as 45% (previously 43%).
  • Your loan-to-value ratio (LTV) can be up to 89.99% (previously 80%).
  • Minimum FICO® Score is now 680 (previously 700).
  • Cash-out refinance is now allowed on second homes and investment properties (previously only primary residences).
  • Self-employed people don’t need to provide as many documents.
  • With fewer requirements, you can easily apply online.

How Jumbo Smart Loans Work

  • Jumbo Smart loans are great for people who need to borrow up to $2.5 million to buy or refinance a home. These larger loans are often known as jumbo loans.
  • Jumbo loans are also called nonconforming loans because they’re over conventional loan limits.
  • In most of the country, the 2021 conventional loan limit is $548,250. The limit is $822,375 in many high-cost areas, but loan limits vary. It’s important to look up loan limits in your area.
  • If you need a loan greater than the conventional loan limit in your area, then our Jumbo Smart loan may be a good option for you.

What You’ll Need To Qualify For A Jumbo Smart Loan

  • A down payment greater than 10%.
  • A minimum FICO® Score of 680.
  • A debt-to-income ratio (DTI) of no more than 45%. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.
  • Money to cover closing costs, which are about 2% – 6% of the purchase price. 
  • A maximum loan-to-value ratio (LTV) of 89.99% (previously capped at 80%). 

Take the first step toward the right mortgage.

Apply online with Rocket Mortgage® by Quicken Loans® or enter some info to get a call from a Home Loan Expert. You'll get a personalized recommendation on which loan option is best for you.

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Jumbo Smart Loan Benefits

  • Fewer requirements and a simpler process (compared to previous jumbo loans) make it easier to get a big loan.
  • Purchase a home with a down payment greater than 10%.
  • Unlike many conventional loans, no mortgage insurance is required, even when your down payment is less than 20%.
  • Jumbo Smart loans are available for primary homes, second homes and investment properties, located on up to 20 acres.
  • We offer a 30-year fixed interest rate on our Jumbo Smart mortgages.
  • Jumbo Smart loans are available for both one- and two-unit properties.

Advantages Of Getting A Jumbo Smart Loan From Quicken Loans

  • Apply online and work at whatever pace is convenient for you.
  • Home Loan Experts are available via chat, email and phone to help you get the Jumbo Smart loan that’s right for you.
  • We don’t charge you to make your mortgage payments online.
  • No prepayment penalties if you pay off your loan early.

Why Choose Quicken Loans

Quicken Loans has been providing clients with award-winning service since 1985. You’ll get the same care and attention throughout your entire mortgage process.

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J.D. Power - 8 Consecutive Years - Primary Mortgage Servicing
Rocket Mortgage received the highest score in the J.D. Power 2014 – 2021 Primary Mortgage Servicer Satisfaction Studies of customers’ satisfaction with their mortgage servicer company. Visit jdpower.com/awards for more information.