If you are in the market to purchase the luxury home of your dreams, a Jumbo Loan could be perfect for you. A Jumbo Loan is a home mortgage loan that allows financing that exceeds $424,000 (depending on what area of the country you’re in, loan amount may vary) which is the conforming loan limit in most areas. Jumbo loans may be your best option if you need to borrow between $424,001 and $3,000,000 for a home purchase or refinance, and are looking for higher but flexible rates and terms, and no pre-payment penalties.
Jumbo loans do call for somewhat stricter underwriting requirements than in previous years and compared to conforming loan requirements. You will generally need a 10 – 20% down payment and 2 – 6 months of reserves to qualify. However, the rates on the fixed or adjustable rate programs are comparable to conforming rates and offer flexibility for financing with a larger loan. We can discuss your needs and put together a plan that will work within for your situation.
I can offer several strategies to help you purchase the home of your dreams. Call me today to setup an appointment!
Tags: Homebuying, Jumbo Loans