Jumbo Loan Program

Jumbo mortgage

A jumbo mortgage is for any loan amount above conforming limits (this is set annually by Federal Housing Finance Agency). As of 2011, a Jumbo loan is considered any loan amount above $417,000. Jumbo loans offer the same flexibility as conforming loans: they’re available with fixed or adjustable rates, and can be with standard or interest only payments. In some parts of the country, jumbo loans are even available as FHA loans.

For more information, call (954) 599-3432 or “Click Here” to send me a message by e-mail

jumbo loan program

How Do Lenders View Jumbo Loans?

The wholesale mortgage banker / lender is very concerned about the overall jumbo mortgage due to the level of risk associated with lending on such large loan amounts.

For example, there is a big difference between lending on one $3million loan vs ten $300,000 mortgages.  One several smaller loan amounts, the lender is essentially spreading its risk over multiple properties and borrowers.

This risk associated with Jumbo mortgages is why the mortgage rates and down payment requirements are typically more than a traditional conforming loan.

Advantages of Jumbo Loans

  • Higher value home? No problem.
    If home prices are higher in your desired area, you might not have other options due to high-value real estate in the neighborhood.
  • You’re ready for a higher monthly payment.
    If you have a high salary and are comfortable making jumbo payments, yet haven’t saved enough money to bring the loan amount to the conventional limit, a jumbo loan might be right for you.
  • In for the long haul.
    Jumbo loans are great for long-term financing. Many families purchase homes with the intention of staying for 15 or 20 years, and benefit from a home to grow into as income increases through the years. Jumbo loans may help bypass the “starter home.”

Additional Considerations

  • In some high-cost areas of the U.S., the Conventional Loan limit is $729,750.

Available Jumbo Programs

  • Financing options up to 85% with NO PMI (Mortgage Insurance) requirements
  • Payment Options Available
    • Fixed – Adjustable – Principle & Interest – Interest Only – Biweekly

Be Smart … Ask Questions … Get Answers!

For more information, call (954) 599-3432 or “Click Here” to send me a message by e-mail

“Click Here” Get Started with your Loan Request

 

To learn about the advantages of being pre-quaified “Click Here”

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