Purchase with Minimum 3.5% Downpayment and No Mortgage Insurance.
What is a Jumbo Loan
A Jumbo loan is a mortgage used to finance properties where the client’s mortgage loan amount is above an area’s county loan limit. Each individual county loan limit is determined by the FHFA (Federal Housing Finance Agency). For 2022, the maximum county loan limit for a conforming loan in most parts of the United States is $647,200. In areas with a higher cost of living, loan limits are as high as $970,800. You can confirm loan limits at www.CountyLoanLimit.com. Homes loans that exceed the established county loan limit will typically require a Jumbo loan.
Jumbo loans are also known as non-conforming loans, or non-conforming conventional mortgages. Jumbo rates are typically higher than conventional loans because these loans cannot be guaranteed by Fannie Mae and Freddie Mac. This means that the lender is not protected from losses if a borrower defaults. Jumbo loans are typically available with the options of either a fixed interest rate or an adjustable interest rate, and a variety of other terms.
Jumbo Loan Options
We have several JUMBO options available to assist clients, even those with special circumstances.
- Options available for qualified clients with minimum Fico of 580
- Options available for 3.5% down payment
- Options available for 11% down payment and no Mortgage Insurance
- Options available for Interest Only payments
- Options available for affluent customers with tricky finances, such as self-employed borrowers, or newly graduated doctors
We look forward to assisting you with your Jumbo loan mortgage needs.
Disclaimer: Mortgage options are funded by 3rd party Lenders, and all underwriting requirements are based on 3rd party Lenders and Investors. Guidelines and mortgage options requirements and are subject to change. This is not a promise or commitment for a mortgage loan. Mortgage loan options may not be available in all States. For full licensing information, go to: www.nmlsconsumeraccess.org.