If You Can Dream it You Can Ownit
Have You Found Your Dream Home?
BluEleven makes financing your next dream home a reality. Our team of experts understand the complexity of Jumbo loan programs and are ready to deliver you an exceptional client experience.
Let us go to work for you.
Jumbo loans are ideal for high-net-worth individuals, entrepreneurs, and investors looking to finance luxury homes or high-value real estate beyond conforming limits.
A Mortgage for the Self-Employed Clients
Optima
- Qualify with 12- or 24-month bank statements
- Qualify with P&L only. Include assets if needed.
- Loans from $300K to $6M
- Up to 90% LTV
- Min. FICO score: 660
- I/O payment option available
- Primary residences, second homes, or 1‐4 unit investment properties
Optima Plus
- Qualify with 12- or 24-month bank statements
- Qualify with P&L only. Include assets if needed.
- Loans from $300K to $3M
- Up to 85% LTV
- Min. FICO score: 660
- I/O payment option available
- Primary residences, second homes, or 1‐4 unit investment properties
Bank Statements
Same Day Qualifying means Never Miss a Closing Date
Isahi and the whole team at BluEleven Mortgage are amazing! We have used them twice now, once for a purchase and again for a refi. I let Isahi know what I would like to do and she quickly lets me know what my best options are. She is knowledgeable, a great communicator and works quickly to get things done (all of my favorite qualities). I will absolutely use them again in the future.
Mike & Isahi did a great job getting my loan done very quickly without any issues. Great job with organization and execution! I would recommend them highly!
My partner and I just bought a place in LA and had the best experience with BluEleven. Day or night, Isahi was always available and very attentive during the whole process. Overall had a smooth experience and would highly recommend working with her!
BluEleven got me an amazing rate, and I did a LOT of checking around. The team was great to work with and they put up with all of my difficult quirks. Thank you!!!
Jumbo Loans: Overview, Benefits, and Qualification Criteria
Frequently Asked Questions
What is a Jumbo Loan?
A Jumbo Loan is a type of mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These loans are too large to be purchased by Fannie Mae or Freddie Mac, making them non-conforming loans. The 2024 conforming loan limit for most areas is $766,550, but in high-cost areas, it can go up to $1,149,825. Any mortgage exceeding these limits is considered a Jumbo Loan.
Benefits of a Jumbo Loan
- Higher Loan Amounts – Jumbo loans allow buyers to finance luxury homes and high-priced properties that exceed conforming limits.
- Competitive Interest Rates – Depending on the lender and borrower’s financial profile, interest rates can be competitive with conforming loans.
- Flexible Loan Terms – Available in fixed-rate and adjustable-rate options to suit different financial strategies.
- No Private Mortgage Insurance (PMI) – Unlike conventional loans that require PMI for down payments below 20%, many Jumbo loans do not require PMI.
- Diverse Property Options – Can be used for primary residences, vacation homes, and investment properties.
Qualification Criteria for a Jumbo Loan
Because Jumbo loans carry more risk for lenders, the qualification requirements are stricter than conforming loans:
- Higher Credit Score – Typically, a minimum credit score of 700-720 is required, though some lenders may allow lower scores with compensating factors.
- Lower Debt-to-Income (DTI) Ratio – Most lenders prefer a DTI of 43% or lower, though exceptions can be made for high-net-worth borrowers.
- Larger Down Payment – Expect to put down 10-20% or more, depending on the loan amount and lender guidelines. Some lenders offer 5-10% down options for strong borrowers.
- Significant Reserves – Borrowers often need 6 to 12 months of mortgage payments in cash or liquid assets to show financial stability.
- Proof of Strong Income – Lenders require detailed income documentation, such as tax returns, W-2s, profit and loss statements (for self-employed borrowers), and bank statements.
- Property Appraisal – A second appraisal may be required to confirm the home’s value, especially for high-value properties.
