We are seeing inflation along with rising interest rates in 2022 which makes it more important than ever to offer diverse mortgage products. The great news is here at Direct Mortgage Loans we can now compete and offer buyers lower rates for jumbo loan programs! To access these rates, contact a team member today! We just got approval for delegated underwriting on jumbo loans.

What does this mean for home buyers?

Our hardworking and personable team can now continue our customizable services while offering products in the same ballpark as mega lenders. Having delegated jumbo underwriting allows us to offer the benefits of much improved pricing.

We can now offer rates up to, and possibly more than, a half point or lower, than what we could previously offer in certain scenarios. For example, one scenario of a 30-year-fixed mortgage loan we could offer went down from an interest rate of 5.875% to 5.25%. This is a real game changer for Direct Mortgage Loans and our clients!

What is a Jumbo Loan

A jumbo loan is a mortgage loan used to finance properties that are priced above the conforming loan limit. In 2022 (for most areas), the maximum amount for a conforming loan is $647,200, determined by the Federal Housing Finance Agency. This number may vary depending on the area where the property is located. If you are buying a home that exceeds the conforming loan limit, you may need a jumbo loan to finance your home.

If you are unsure what loan product you will need to finance your home, review the Find a Loan page.

Jumbo Loan Eligibility

Eligibility for flexible jumbo financing options are:

  • One-unit primary residences and second homes
  • The minimum loan amount is $1 above the conforming loan limit
  • The maximum loan amount is $2,000,000
  • Eligible for non-delegated delivery
  • Minimum credit score 680
  • LTV up to 85%

At Direct Mortgage Loans we complete most of our underwriting in-house. This allows us to offer quicker turn times to clients when closing on a loan. With this change, we can underwrite loans up to $1 million in-house. If you are interested in a Jumbo Loan, this is the perfect product for you. Get started, here.

Eligibility and approval is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral and underwriting requirements. Direct Mortgage Loans, LLC is licensed in Maryland. Direct Mortgage Loans, LLC NMLS ID# is 832799 (www.nmlsconsumeraccess.org). Direct Mortgage Loans, LLC office is located at 11011 McCormick Rd Suite 400 Hunt Valley, MD 21031. This is a paid endorsement. Equal housing lender.