Purchase
Jumbo loans
Portfolio pricing for Rittenhouse, Society Hill and the Main Line.
What a Jumbo loan actually is
A jumbo loan is any mortgage above the conforming limit, which for a one-unit property in the Philadelphia metro is $832,750 for 2026 (sample figure). Above that number Fannie Mae and Freddie Mac will not buy the loan, so it is priced and held by portfolio investors with their own credit boxes.
That sounds restrictive and sometimes is the opposite. Jumbo rates have run below conforming rates for stretches of the last several years because the borrower profile is stronger. What tightens is documentation: more reserves, cleaner income, a second appraisal above $1,500,000, and very little tolerance for a thin file.
Best suited to
- Rittenhouse, Society Hill, Fitler Square and Main Line purchases above the conforming limit
- Self-employed borrowers with strong deposits and complicated returns
- Buyers with substantial liquid assets and modest declared income
- Anyone who wants the loan held rather than sold three times in a year
What comes with the loan
- Two full appraisals on loan amounts above $1,500,000, ordered together to protect the timeline
- Asset depletion qualifying for borrowers whose wealth is in portfolios rather than W-2 income
- Bank statement income analysis for self-employed borrowers at 12 or 24 months
- Interest-only first ten years available on 10/6 and 7/6 ARM structures
- Concurrent second lien structuring to keep the first at the conforming limit where that prices better
- Direct access to the portfolio underwriter rather than an email queue
How a file moves
- 01
Structure before price
On a $900,000 purchase, a conforming first at $832,750 plus a second sometimes beats a single jumbo. We model both before quoting.
- 02
Document intake
Two years of returns, all K-1s and business returns, two months of statements on every account used for reserves. Jumbo files fail on missing pages, not on credit.
- 03
Appraisal
One appraisal to $1,500,000, two above. Philadelphia's brownstone and converted-loft stock produces thin comparable sets, so we brief the appraiser in advance.
- 04
Portfolio underwriting
A named underwriter reviews the whole file rather than running a scorecard. Expect specific, answerable questions.
- 05
Closing
Median contract to close on our jumbo purchases is 28 business days (sample figure). Wire verification is by phone callback with a known number, every time.
Why borrowers choose it
No mortgage insurance
At any loan-to-value we offer, there is no monthly MI on a jumbo loan.
10% down to $1,000,000
Well below the 20% most buyers assume jumbo requires.
Asset depletion income
Qualifying income derived from liquid assets over a set term, for retirees and equity-compensated borrowers.
Interest-only structures
First ten years interest-only on ARM products, useful when compensation is bonus-weighted.
What to watch out for
- Reserve requirements are real and verified. Twelve months of PITI above $1,500,000 is not negotiable.
- Condo buildings with high investor concentration or pending litigation are difficult to place.
- Appraisal disputes take longer on unique properties; build float into your settlement date.
Jumbo questions we get asked
Still unclear? Call (215) 555-0145 and ask for the originator covering your county.
All questionsNot automatically. Jumbo pricing is set by portfolio investors rather than the agency market, and for stretches of recent years jumbo has priced below conforming for strong borrowers. We quote both structures on any loan near the limit so you can see the real numbers.
Six months of full principal, interest, taxes, insurance and any association dues on loans to $1,500,000, and twelve months above that. Retirement accounts count at 60% of vested balance net of any loans.
Yes, with a documented two-year history and evidence of continuance. Restricted stock is typically averaged over 24 months of vesting with a current grant schedule. Bring the vesting schedule to the first conversation; it usually decides the price range.
Rather than using employment income, we derive a monthly qualifying income by dividing eligible liquid assets, after down payment and reserves, over a defined number of months. It suits retirees and borrowers whose wealth sits in brokerage accounts.
Programs worth comparing
Conventional
Conforming loans to $832,750 with cancellable PMI
Cash-out refinance
To 80% LTV on one unit, 75% on two to four units
Portfolio blanket loans
5 to 40 doors under one note, one payment, one closing
Find out if Jumbo fits
Fifteen minutes, a soft credit pull, and a straight answer about which program actually suits your file.
No application fee. Soft credit pull at pre-qualification. Flat $1,095 origination at closing.