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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!

Apply for a jumbo loan

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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.

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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.

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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.

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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.

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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.

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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.

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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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Timeline

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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Jumbo Loans in North Carolina by County

County	GSE 1-unit limit	FHA 1-unit limit
Alamance	$647,200	$420,680
Alexander	$647,200	$420,680
Alleghany	$647,200	$420,680
Anson	$647,200	$420,680
Ashe	$647,200	$420,680
Avery	$647,200	$420,680
Beaufort	$647,200	$420,680
Bertie	$647,200	$420,680
Bladen	$647,200	$420,680
Brunswick	$647,200	$420,680
Buncombe	$647,200	$420,680
Burke	$647,200	$420,680
Cabarrus	$647,200	$420,680
Caldwell	$647,200	$420,680
Camden	$647,200	$488,750
Carteret	$647,200	$420,680
Caswell	$647,200	$420,680
Catawba	$647,200	$420,680
Chatham	$647,200	$506,000
Cherokee	$647,200	$420,680
Chowan	$647,200	$420,680
Clay	$647,200	$420,680
Cleveland	$647,200	$420,680
Columbus	$647,200	$420,680
Craven	$647,200	$420,680
Cumberland	$647,200	$420,680
Currituck	$647,200	$488,750
Dare	$647,200	$471,500
Davidson	$647,200	$420,680
Davie	$647,200	$420,680
Duplin	$647,200	$420,680
Durham	$647,200	$506,000
Edgecombe	$647,200	$420,680
Forsyth	$647,200	$420,680
Franklin	$647,200	$420,680
Gaston	$647,200	$420,680
Gates	$647,200	$488,750
Graham	$647,200	$420,680
Granville	$647,200	$506,000
Greene	$647,200	$420,680
Guilford	$647,200	$420,680
Halifax	$647,200	$420,680
Harnett	$647,200	$420,680
Haywood	$647,200	$420,680
Henderson	$647,200	$420,680
Hertford	$647,200	$420,680
Hoke	$647,200	$420,680
Hyde	$647,200	$483,000
Iredell	$647,200	$420,680
Jackson	$647,200	$420,680
Johnston	$647,200	$420,680
Jones	$647,200	$420,680
Lee	$647,200	$420,680
Lenoir	$647,200	$420,680
Lincoln	$647,200	$420,680
Mcdowell	$647,200	$420,680
Macon	$647,200	$420,680
Madison	$647,200	$420,680
Martin	$647,200	$420,680
Mecklenburg	$647,200	$420,680
Mitchell	$647,200	$420,680
Montgomery	$647,200	$420,680
Moore	$647,200	$420,680
Nash	$647,200	$420,680
New Hanover	$647,200	$420,680
Northampton	$647,200	$420,680
Onslow	$647,200	$420,680
Orange	$647,200	$506,000
Pamlico	$647,200	$420,680
Pasquotank	$647,200	$805,000
Pender	$647,200	$420,680
Perquimans	$647,200	$805,000
Person	$647,200	$506,000
Pitt	$647,200	$420,680
Polk	$647,200	$420,680
Randolph	$647,200	$420,680
Richmond	$647,200	$420,680
Robeson	$647,200	$420,680
Rockingham	$647,200	$420,680
Rowan	$647,200	$420,680
Rutherford	$647,200	$420,680
Sampson	$647,200	$420,680
Scotland	$647,200	$420,680
Stanly	$647,200	$420,680
Stokes	$647,200	$420,680
Surry	$647,200	$420,680
Swain	$647,200	$420,680
Transylvania	$647,200	$420,680
Tyrrell	$647,200	$420,680
Union	$647,200	$420,680
Vance	$647,200	$420,680
Wake	$647,200	$420,680
Warren	$647,200	$420,680
Washington	$647,200	$420,680
Watauga	$647,200	$420,680
Wayne	$647,200	$420,680
Wilkes	$647,200	$420,680
Wilson	$647,200	$420,680
Yadkin	$647,200	$420,680
Yancey	$647,200	$420,680

Jumbo Loans in South Carolina by County

County	GSE 1-unit limit	FHA 1-unit limit
Abbeville	$647,200	$420,680
Aiken	$647,200	$420,680
Allendale	$647,200	$420,680
Anderson	$647,200	$420,680
Bamberg	$647,200	$420,680
Barnwell	$647,200	$420,680
Beaufort	$647,200	$391,000
Berkeley	$647,200	$391,000
Calhoun	$647,200	$420,680
Charleston	$647,200	$391,000
Cherokee	$647,200	$420,680
Chester	$647,200	$420,680
Chesterfield	$647,200	$420,680
Clarendon	$647,200	$420,680
Colleton	$647,200	$420,680
Darlington	$647,200	$420,680
Dillon	$647,200	$420,680
Dorchester	$647,200	$391,000
Edgefield	$647,200	$420,680
Fairfield	$647,200	$420,680
Florence	$647,200	$420,680
Georgetown	$647,200	$420,680
Greenville	$647,200	$420,680
Greenwood	$647,200	$420,680
Hampton	$647,200	$420,680
Horry	$647,200	$420,680
Jasper	$647,200	$350,750
Kershaw	$647,200	$420,680
Lancaster	$647,200	$420,680
Laurens	$647,200	$420,680
Lee	$647,200	$420,680
Lexington	$647,200	$420,680
Mccormick	$647,200	$420,680
Marion	$647,200	$420,680
Marlboro	$647,200	$420,680
Newberry	$647,200	$420,680
Oconee	$647,200	$420,680
Orangeburg	$647,200	$420,680
Pickens	$647,200	$420,680
Richland	$647,200	$420,680
Saluda	$647,200	$420,680
Spartanburg	$647,200	$420,680
Sumter	$647,200	$420,680
Union	$647,200	$420,680
Willamsburg	$647,200	$420,680
York	$647,200	$420,680