Jumbo Loans

Jumbo Loans 2022-02-17T16:00:23-06:00

What is a Jumbo Loan?

  • A Jumbo Loan is a loan that exceeds $647,200 on either a new purchase or refinance mortgage transaction.
  • Jumbo loans are generally going to be done by lenders who will be lending from their investor’s money, and these loans will end up in their portfolios.
  • Jumbo Loan qualifications are usually more stringent regarding credit score and loan-to-value ratios.
  • Loan-to-Value Ratios are limited to 80%.
  • Typically, 720 or better credit scores are required for Jumbo loan programs.
  • However, many people will use a 2nd mortgage or HELOC in conjunction with a Conventional loan to get to a higher loan amount needed to purchase a home.

What are the Benefits of a Jumbo Loan?

  • Jumbo Loans have competitive rates
  • They have more significant lending limits exceeding $647,200
  • 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.

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

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