Jumbo Loans: Jumbo Loan Requirements For 2022
What Makes Our Jumbo Loan Different?
The Jumbo Smart loan is the new jumbo loan offering from Rocket Mortgage® by Quicken Loans®. Here are the key differences between a Jumbo Smart loan and our previous jumbo loan.
- The max loan amount is now $2.5 million (previously $2 million).
- Borrowers can now finance investment properties (previously only primary residences and second homes).
- We only need one appraisal, in most cases.
- Your debt-to-income ratio (DTI) can be as much as 45% (previously 43%).
- Your loan-to-value ratio (LTV) can be up to 89.99% (previously 80%).
- Minimum FICO® Score is now 680 (previously 700).
- Cash-out refinance is now allowed on second homes and investment properties (previously only primary residences).
- Self-employed people don’t need to provide as many documents.
- With fewer requirements, you can easily apply online.
How Do Jumbo Smart Loans Work?
- Jumbo Smart loans are great for people who need to borrow up to $2.5 million to buy or refinance a home. These larger loans are often known as jumbo loans.
- Jumbo loans are also called nonconforming loans because they’re over conventional loan Nonconforming loans also don’t meet Fannie Mae or Freddie Mac’s purchasing standards.
- In most of the country, the 2022 conventional loan limit is $647,200. The limit is $970,800 in many high-cost areas, but loan limits vary. It’s important to look up conforming loan limits in your area.
- If you need a loan greater than the conventional loan limit in your area, then our Jumbo Smart loan may be a good option for you.
What Do You Need To Qualify For A Jumbo Smart Loan?
To qualify for a jumbo mortgage, you’ll need:
- A down payment greater than 10%.
- A minimum FICO® Score of 680.
- A debt-to-income ratio (DTI) of no more than 45%. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.
- Money to cover closing costs, which are about 2% – 6% of the purchase price.
- A maximum loan-to-value ratio (LTV) of 89.99% (previously capped at 80%).
How Do Jumbo Loan Rates Compare To Other Types Of Home Loans?
Take the first step toward the right Cash-Out Refinance Mortgage.
Begin with a FREE Pre-approval with Cash-Out Refinance or simply enter a little info and schedule a consultation with our Home Loan Experts, where they will provide a personalized recommendation on which Cash-Out Refinance option is best for you.
Jumbo Smart Loan Benefits
- Fewer requirements and a simpler process (compared to previous jumbo loans) make it easier to get a big loan.
- Purchase a home with a down payment greater than 10%.
- Unlike many conventional loans, no mortgage insurance is required, even when your down payment is less than 20%.
- Jumbo Smart loans are available for primary homes, second homes and investment properties, located on up to 20 acres.
- We offer a 30-year fixed interest rate on our Jumbo Smart mortgages.
- Jumbo Smart loans are available for both 1- and 2-unit properties.


Advantages Of Getting A Jumbo Loan From a Cash-Out Refinance by
- Apply online and work at whatever pace is convenient for you.
- Home Loan Experts are available via chat, email and phone to help you get the Jumbo Smart loan that’s right for you.
- We don’t charge you to make your mortgage payments online.
- No prepayment penalties if you pay off your loan early.
Why Choose Cash-Out Refinance
Cash-Out Refinance Mortgages provides consumers with award-winning service, which means, we align with approved home loan affiliates so you’ll get the same care and attention throughout the life of your Cash-Out Refinance home loan.
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