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Jumbo Loans in the Carolinas

Are you ready to buy your dream home? If so, you may need to borrow a significant amount of money to do so. Jumbo loans* can help you to do that. At Dash Home Loans, we offer jumbo loans in North Carolina and South Carolina – and with our streamlined home loan process, we make getting the right home loan³ faster, easier, and all around less stressful.

Ready to get started? See how easy it is to get a jumbo loan with Dash!

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What Is a Jumbo Loan?

A jumbo loan or jumbo mortgage is a loan for an amount that’s higher than the Federal Housing Agency’s limits. These loans are not purchased or guaranteed by Fannie Mae or Freddie Mac, the two largest lending institutions in the U.S. Often, jumbo loans are used to pay for luxury homes or those that are on larger lots. These loans are riskier for lenders and typically have more stringent requirements that homeowners need to meet.

Jumbo Mortgage Limits for NC & SC
Home Buyers

A jumbo mortgage limit typically refers to the threshold where conforming loans end and jumbo loans begin. A conforming loan is the typical loan you’re familiar with, such as a conventional loan or an FHA loan. However, these loans may not cover high-cost properties, which is when jumbo loans become necessary.

For most of the United States, conforming loans end at $510,400. That means to purchase a home above that price you’ll likely need a jumbo loan. However, in areas with a high cost of living the threshold for jumbo loans is higher. 

However, jumbo loan limits may be different in different parts of the country. If you were to buy a home in California, you would likely pay much more for that home than one of the same size and with the same features in Iowa. That’s why jumbo loan rates and limits vary based on where the property is located. It is important to learn what the jumbo mortgage limit is in your area. For instance, in some parts of California you only need a jumbo loan if you’re borrowing more than $765,600.

Jumbo Loan Limits in North Carolina

The jumbo loan limit in North Carolina is $510,400 for most of the state. However, there are some counties where the jumbo loan limit is higher. These include areas such as Camden, Gates, and Currituck, where the jumbo loan limit increases to $625,500. Keep in mind these rates can change annually.

Jumbo Loan Limits in South Carolina

The jumbo loan limit South Carolina residents can expect is $510,400.

Jumbo Loan Rates in the Carolinas

Jumbo loans are a higher risk for lenders. As a result, jumbo loan interest rates tend to be higher than those for conforming loans. They also have much stricter qualifications for buyers. The exact jumbo loan rate you pay is always very specific to your credit qualifications and other risk factors the lender has to take into consideration.

Types of Jumbo Loans for NC & SC Borrowers

As you look into a jumbo loan in North or South Carolina, you will see some different program options available to you. Jumbo loan programs will differ in qualifications. 

FHA Jumbo Loans

FHA jumbo loans are backed by the U.S. government. The loan limits here are set by counties, so they’ll vary based on where the home you’re interested in is located. In most cases, the FHA jumbo loan limit is $331,760, meaning any FHA loan above that amount is considered an FHA jumbo loan. There is usually a requirement for individuals to make at least a 3.5% down payment for these loans. 

USDA Jumbo Loans

USDA jumbo loans are another option. There is no specific USDA jumbo loan limit. You can take out loans of a variety of sizes, but you will need to meet income qualifications to qualify for the loan. 

VA Jumbo Loans

There is also no maximum amount you can borrow from the VA for a VA home loan⁵. The VA does place some limit, though, on the amount of VA insurance liability available, which can reduce your ability to secure a loan in some cases. You can apply for a VA jumbo loan with good standing, but the lender may limit how much they lend to you based on income and credit factors.

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Benefits & Disadvantages of a Jumbo Loan

The benefit of securing a jumbo loan mortgage is as simple as being able to purchase and finance a home that’s worth more. For borrowers who want to purchase that home on the waterfront or a larger estate, these loans become the only route to doing so unless you make a large down payment.

There are drawbacks to jumbo loan mortgages, though. They tend to be harder to obtain, requiring a larger amount of income. You also need to show proof of income, credit score, and have a larger down payment to purchase them.

Jumbo or Conventional Loan? Which Is Better?

As you consider jumbo home loan options, compare them to the availability of traditional loans called conforming loans. The most common type of conforming loan is the conventional loan, which is also the type of loan that’s most often compared to jumbo loans.

The biggest difference between jumbo loans and conventional loans is the size of the loan. When you hope to buy a home that’s worth more and you plan to finance a large portion of that purchase, you’ll need a larger loan. 

It’s also important to consider the difference in jumbo loan rates and conventional loan rates. Interest rates are potentially higher with jumbo loans because the lender is taking on more risk. However, rates are very competitive across most lenders. If you have a good credit score and the income to make payments, they are likely to offer a competitive rate.

You’ll also likely need a larger jumbo loan down payment. Down payments on conventional loans may range from 5% up to 20%. In some jumbo loans, lenders will not accept less than 20%. This differs by lender and loan program.

Qualifying for a Jumbo Loan in the Carolinas

In order to finance a large home purchase, you will need to meet jumbo mortgage requirements. Like with most loans, you need to show the lender you can make payments in full and on time if they lend to you. Most lenders have stricter qualifications for underwriting these loans. Some of them may include:

  • Credit scores of 700 or more, sometimes 720 or higher
  • Debt-to-income ratios that are stricter, sometimes of 45% 
  • Cash reserves on hand to show you have liquid assets
  • Documentation of your income 
  • Appraisals of the property to prove its worth 
Not sure if you’re eligible? Contact us today to talk with one of our friendly Mortgage Coaches.

Jumbo loan mortgage lenders in NC and SC set their own credit qualifications, and most will tell you upfront what you need to meet to qualify for these higher risk loans. Jumbo loan requirements are not always hard to reach, though. If you want to buy a high-valued home, it’s worth learning more.

At Dash, our Mortgage Coaches can quickly review your situation and the home you plan to purchase to give you an idea of what you may qualify for. Contact us for more information.

How to Apply for a Jumbo Loan in the Carolinas

To obtain a jumbo loan, you’ll need to go through the same application process as you would for a conventional loan. Your lender will determine if you qualify based on the information submitted.

You’ll complete a formal application that also includes proof of your identification. Then, the underwriters will review this information and make a decision about whether or not to lend to you. Ready to get started?

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Applying for a loan takes just minutes. From there, lenders need to start processing information. Depending on the lender, this can take from 30 days to three months to complete.

Documents & Paperwork to Submit

Documentation for a jumbo home loan includes several items, including:

  • Proof of Income: This includes pay stubs, two years of federal tax returns, W-2 statements, and other documentation proving income.
  • Asset Verification: In addition to this, lenders need to see proof of assets you own, such as investment accounts and bank statements to prove down payments and cash reserves.
  • Employment Verification: Many lenders want to ensure you are working. Paycheck stubs usually suffice, but self-employed workers need to provide additional documentation, such as bank statements, to prove income.
  • Identification: You will need to show proof of your identity, such as your driver’s license or State ID. You will need to show proof of your Social Security number, as well.

All of this information is verified as accurate to ensure only those who should apply can do so.

Like other loans, the process of getting a jumbo loan with Dash Home Loans is much simpler than with other lenders. At Dash, we cut out the middleman (i.e., the mortgage processor) to simplify and speed up the process.

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If you’d like to discuss your options further or have any questions about our services, contact us to speak with one of our friendly Mortgage Coaches in the Carolinas.

Ready to get started? Great! Click “Apply now” below to begin your application.

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Frequently Asked Questions

NC & SC Jumbo Loan FAQs

What is a jumbo mortgage?

A jumbo mortgage has a value that is over the established conforming loan limits. These limits are set by county by the government each year.

How much is a jumbo mortgage?

A jumbo mortgage is a home mortgage over $510,400 for most of the country. The cost of a jumbo mortgage includes fees associated with the application, the interest rate, and closing costs, which range from 5% to 7% of the purchase price.

Can you get a jumbo mortgage with 10% down?

Some lenders will approve a jumbo loan with 10% down, though others require as much as 20%. In most cases, jumbo mortgages require a higher down payment. This is up to the lender and your other credit qualifications.

What is the limit for a jumbo loan?

The amount you can borrow with a jumbo loan depends on your circumstances, the area you’re purchasing in, and more. So what amount do jumbo loans start at? For most of the country, jumbo loan amounts start at $510,400. Areas with a high cost of living have jumbo loan amounts starting at $765,600. These limits are set by the federal government as well as the lending programs within them and change annually.