Jumbo Loans for Bergen County Luxury Homes

A jumbo loan is a mortgage that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac. In Bergen County for 2025, this limit is $929,200 for single-family homes. If you're purchasing a luxury home above this amount, you'll need jumbo financing. Bergen County's high property values make jumbo loans common for homes in towns like Alpine, Saddle River, Franklin Lakes, and Englewood Cliffs.

Most jumbo lenders require a minimum credit score of 700, with 720+ strongly recommended for the best rates and terms. Some portfolio jumbo loans may consider scores as low as 680 with substantial compensating factors like large down payment (30%+), significant reserves (12+ months), or low debt-to-income ratio. Scores above 740 typically unlock the most competitive jumbo rates.

Jumbo loans typically require 10-20% down payment, depending on the loan amount and borrower qualifications. For loan amounts $1-2 million, 15% is common. For amounts over $2 million, 20% or more may be required. Larger down payments (25%+) often secure better rates. Some portfolio lenders offer jumbo loans with as little as 10% down for highly qualified borrowers.

Jumbo loan rates are typically 0.25% to 0.75% higher than conforming loans due to increased lender risk. However, well-qualified borrowers with excellent credit (740+), substantial reserves, and strong income can sometimes secure jumbo rates very close to conforming rates. The rate premium has narrowed significantly in recent years as jumbo lending has become more competitive.

Jumbo loans typically require 6-12 months of reserves (mortgage payments) in liquid assets after closing. For loan amounts over $2 million, 12-24 months may be required. Reserves can include cash, savings, checking, stocks, bonds, retirement accounts (70% value), and other liquid investments. The higher the loan amount, the more reserves you'll need to demonstrate financial stability.

Yes! Jumbo loans are available for primary residences, second homes, and investment properties. However, second homes and investment properties typically require larger down payments (25-30%) and higher reserves. Interest rates may also be slightly higher for non-owner-occupied properties. CMG Home Loans offers jumbo financing for all property types across Bergen County.

Jumbo loan approval typically takes 30-45 days from application to closing, similar to conforming loans. However, the underwriting process may be more thorough, requiring additional documentation of income, assets, and credit history. CMG Home Loans provides jumbo pre-approval within 48-72 hours for qualified borrowers. Having complete documentation ready speeds the process significantly.