A Jumbo loan exceeds the conforming loan limits of a conventional loan and allows for a higher-priced purchase or refinance. If you have a higher credit score, lower debt-to-income ratio, and a larger down payment, a jumbo loan may be right for you.
What are the benefits of a Jumbo Loan?
With a Jumbo loan you can:
• Purchase a home over the conventional loan limit of $424,100
• Choose between fixed or adjustable rate
• Borrow full amount from one home loan instead of two
• Prepay your mortgage without penalty
Why Choose a Jumbo Loan?
Jumbo loans have these advantages:
• Most do not require Private Mortgage Insurance (PMI)
• Competitive rates
• More flexible than conventional loans
• Possible tax benefits gained by lower interest payments
Is a Jumbo Loan right for you?
A few things to consider:
• Jumbo loan amounts vary by county
• Higher credit scores are required
• Lower debt-to-income ratio is required
• Required down payment is typically larger
• Reserve requirements vary depending on the loan amount
Learn More about Jumbo Loans:
For more information about Jumbo loans or to see if you qualify, contact one of our mortgage experts today.