Jumbo Homes Loans can make high-end home purchases possible. When a loan amount reaches a certain amount, these loans offer high-end financing that a traditional loan can’t.
What is a Jumbo Loan?
As the name implies, a jumbo loan covers a larger than normal loan amount. More specifically, any mortgage that exceeds an area’s conforming loan limits, which are set yearly by the Federal Housing and Finance Agency (FHFA).
Many mortgage lenders offer loans up to $1-5 million or even higher if you work with a mortgage broker who specializes in them.
Loans can be used for primary residences, investment properties, and vacation homes.
What is required for a Jumbo Loan?
Jumbo loans have stricter criteria for borrowers: a higher credit score, larger income/assets, and bigger down payments. Additionally, interest rates are usually slightly higher than those on regular conventional loans.
How do they work?
Despite their “nonconforming” status, these loans aren’t much different from Conventional Loans when it comes to the way they work. The payment schedules and other details are generally the same. Borrowers can get fixed rate and adjustable rates with various term options.
The maximum size of loan varies by your mortgage lender and location, as does the exact qualifying guidelines. Because the market these types of loans, you might need to shop around a bit more to find one. It’s usually beneficial to work with a mortgage broker who specializes in them.
With a jumbo mortgage, you’ll get great rates even on a large home purchase. With a choice between fixed or adjustable rates, our offer maximum flexibility for home financing for larger loans.
Where are they available?
Available anywhere in the states we operate in. Our dedicated teams of local mortgage brokers are ready to help you find the home loan that best suits your needs.
- Jumbo Loan Georgia
- Jumbo Loan Alabama
- Jumbo Loan Florida
- Jumbo Loan North Carolina
- Jumbo Loan South Carolina
Ready to get started?
If you are interested in learning more about Jumbo loans, we are here to answer all of your questions. We will walk through the numbers and the process, from application to closing.
Complete our Quote Request below or call us at 404-303-7411 to take the first step.
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