Jumbo Loans

Jumbo Loans 2017-10-25T20:26:06-05:00

What is a Jumbo Loan?

  • A Jumbo Loan is a loan that exceeds $417,000 on either a new purchase or refinance mortgage transaction.
  • Jumbo loans are generally going to be done by lenders who are going to be lending from their investor’s moneys and these loans will end up in their portfolios.
  • Jumbo Loan qualifications are usually more stringent when it comes to credit score and loan-to-value ratios.
  • Loan-to-Value Ratios are limited to 80%.
  • Generally 720 or better credit scores are required for Jumbo loan programs.
  • Many people will use a 2nd mortgage or HELOC in conjunction with a Conventional loan in order to get to a higher loan amount needed to purchase a home.
    • For example:  If you wanted to buy a home with a $500,000 purchase price, you could take out a Conventional Loan for $417,000 and a second mortgage or HELOC for $58,000 to save significant dollars on your down payment and interest rate.

What are the Benefits of a Jumbo Loan?

  •  Competitive Rates
  • Greater lending limits exceeding $417,000
  • Jumbo Loans have very competitive Adjustable Rate Mortgages which may allow you to make your payment more affordable until Conventional financing can be arranged

Need to borrow more than a conventional loan will allow?  We can help you structure the right jumbo loan for your unique situation.

Get A Free Consultation

Request a free consultation to find out what the best loan is for your new home purchase or refinancing needs.

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