Refinance The Loan That Was Too Big For The Agencies.
Jumbo rate and term or cash out refinancing on loans to $3 Million, for a primary residence or second home.*
Quick answer
Saxton Mortgage does. At least one jumbo program we offer refinances a one-unit primary home up to $3,000,000 on a rate and term refinance, and allows cash-out refinances with up to $500,000 cash out. On that program, a home owned free and clear is not eligible for cash out, loans over $2,000,000 need two full appraisals, and New York and Texas 50(a)(6) refinances are not eligible.
Above the conforming limit, refinancing is a different conversation.
Bigger loan, stricter file, and a lender who has actually done it.
- Rate and term refinancing on loans to $3 Million
- Cash out refinancing available, with maximums that vary by program*
- Closing costs and points may be added to a rate-only refinance*
- One unit homes, PUDs and condominiums, and two unit properties*
- Qualifying starts at a 660 credit score, rising with the loan amount*
- Reserve requirements increase as the loan amount increases*
Refinancing on loans to $3 Million*
Renovation loans refinanced after 12 months
Second homes refinance to $3,000,000
Fixed rate financing, underwritten through the agency automated systems
Two full appraisals are required above $2 Million*
Not available in New York, and not on Texas equity refinances
What is the Saxton Jumbo Refinance?
Refinancing above the conforming limit, where Fannie and Freddie will not buy the loan
A jumbo loan sits above the conforming limit, which means no agency buys it and an investor holds it instead. That single fact changes everything about refinancing one. Underwriting gets tighter as the loan gets larger, not looser, which is the opposite of what most borrowers expect and the reason a bank that approved you five years ago may not now. At these balances the difference between a good outcome and a bad one is a large number, so it is worth getting the file in front of someone who has actually placed loans this size.
The Saxton Jumbo Refinance runs to $3 Million on a primary residence, on one unit homes, PUDs, condominiums and two unit properties, and on second homes. Qualifying starts at a 660 credit score and steps up with the loan amount.
Cash out is available, with maximums that vary by program. On some programs a property owned free and clear is not eligible for cash out. Two full appraisals are required above $2 Million, and the program is unavailable in New York and on Texas equity refinances.*
Why choose the Saxton Jumbo Refinance?
Built for homeowners whose loan is the reason their bank keeps saying no.
Lowering What You Pay
Replace the loan you have without touching your equity, on balances to $3 Million.*
Pulling Equity Out
Cash out is available here, capped, and unavailable on a home you own free and clear.
Second Homes Count
Second home refinancing is eligible, which a lot of jumbo programs will not touch.
A Little Cash Back Allowed
Even a no-cash-out jumbo refinance can return a small sum. At one program it may reach 1% of the refinanced amount, while another stops it at 1% or $12,500, whichever is less.*
Two Unit Properties
Two unit properties are eligible, at lower financing limits than a single unit home.*
Reserves Matter Here
Required reserves climb with the loan amount, and on the largest loans they are the item that most often decides the file.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about refinancing a jumbo mortgage.
Saxton Mortgage does. At least one jumbo program we offer refinances a one-unit primary home up to $3,000,000 on a rate and term refinance, and allows cash-out refinances with up to $500,000 cash out. On that program, a home owned free and clear is not eligible for cash out, loans over $2,000,000 need two full appraisals, and New York and Texas 50(a)(6) refinances are not eligible.
One program refinances balances of $5,000,000 on a single-unit primary or vacation home when you have 740 credit and twelve months of payments saved. A second program refinances owner-occupied single-unit homes to $3,500,000 with 740 credit and two years of reserves.*
One program limits the cash to $300,000 or $500,000 based on the financing tier, for loan amounts reaching $2,500,000. Another program caps jumbo cash-out at $500,000, while a rate-only refinance returns just a small sum.*
Yes. One program refinances vacation homes with balances of $3,000,000 for 740 borrowers who hold 18 months in reserve. It must be a single-unit property there, and another program lists two- to four-unit second homes as ineligible.* Learn more about Investment properties.
One program accepts 660 credit on a rate-only refinance of the single-family house you occupy, for balances no greater than $1,500,000. At $2,500,000 that program needs 720, and at $3,000,000 or $3,500,000 it needs 740.*
One program orders two full appraisals when a refinance exceeds $2,000,000 and relies on the lower value. Single-appraisal files there still need a secondary valuation check, and appraisal waivers are not eligible.*
Yes. One program declines all refinances of Texas properties and does not lend in New York. Others do not permit Texas 50(a)(6) loans, and one also excludes Maine. We match your state to a program that lends there.*
Reserve requirements rise with the loan amount, from several months at the entry tier to substantially more at the top. On large jumbo files reserves are frequently the deciding factor rather than income or credit.
Both. Saxton’s jumbo cash out refinance loans and rate and term jumbo refinances run on the same program, to $3 Million on a one unit primary residence, with second homes eligible at lower limits and investment properties not eligible. Cash out maximums vary by program tier, a property owned free and clear may not be eligible for cash out at all, and the credit score requirement climbs from 660 toward 740 as the loan amount rises. Above $2 Million two full appraisals are required, and New York and Texas section 50(a)(6) equity refinances are excluded. This page covers the jumbo refinance as a whole; for the cash out version in detail, see the jumbo cash out refinance page.
Find out what you qualify for
Send your current balance, a rough home value and the goal for the refinance. We will line up the jumbo tiers that fit and pre-qualify you.
Get Pre-Qualified*Loan amounts, rates, terms, and down payment requirements are subject to credit approval, income and asset verification, and program eligibility. Jumbo financing sits above the annual conforming limits by definition and is held by an investor rather than sold to an agency. Down payment and cash-out limits vary by occupancy, credit score, and documentation type. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.