If you are in the market to purchase the luxury home of your dreams, a jumbo loan could be the perfect loan option for you. As its name suggests, a jumbo mortgage is larger than conventional and other types of mortgage loans. A loan is considered jumbo if the amount of the home mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac.
Jumbo loans may be your best option if you need to borrow a larger amount for a home purchase or refinance and are looking for higher but flexible rates and terms, and no pre-payment penalties. To view current loan limits on jumbo loans click here.
Jumbo loans do call for somewhat stricter underwriting requirements than in previous years and compared to conforming loan requirements. You will generally need a 10-20% down payment and 2-6 months of financial reserves to qualify.
However, the rates on the fixed or adjustable-rate programs are comparable to conforming rates and offer flexibility for financing with a larger loan.
We can discuss your needs and put together a plan that will work within your situation.
We can offer several strategies to help you purchase the home of your dreams.
Call us today (or click here to schedule an appointment online) to set up an appointment!
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