Jumbo Mortgage Loans
What Are Jumbo Mortgage Home Loans?
Jumbo Mortgage Home Loans are for properties where the neccessary mortgage loan amount is greater than then the maximum loan amount set by Federal Housing Administration, Veterans Affairs and Fannie Mae & Freddie Mac. Jumbo Mortgage Loans have slightly higher interest rates due to the lack of additional mortgage insurance that most mortgage loans have.
While there are certain areas throughout our country that are deemed as an high cost area. In general, if your principal loan amount is greater than $417,000.00 you will need to rely upon Jumbo Mortgage Loan products. By building and submitting your loan, our system will identify all applicable loan programs that captures the lowest rates, payments and closing costs.
When would I want to use this Loan Product?
When your credit score is above 700 and your required loan amount is greater than the maximum loan amount for conventional financing of $417,000 and your property is not located in a zoned high cost area.
Due to the expanding financial market there are several Jumbo Loan Products offered by a variety of financial institutions. Unlike most lenders, we can provide you with an easy comparison of Jumbo loan productsother loan programs are available that may provided better lending terms without any required mortgage insurance.
By completing our brief online Real Time Loan Quote we will calculate your monthly payments with the variety of Jumbo Loan products and provide you with real numbers so you can make an educated decision.