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A Jumbo loan for Everyone
If your looking to buy a large home in a moderately-priced community or a moderate-size home in an expensive area of the country, a Jumbo Loan may be needed to finance the purchase. Before jumping into an overview of Jumbo Loan features, let’s take a look at the 2019 Conforming Limits.
For the majority of the United States, the current conforming loan limit is $484,350 for a single-family home, which means that this is the maximum amount you can borrow. Areas of the country where median home values are higher will have a higher limit of $726,525.
No matter your situation
While some people believe that self-employed borrowers can’t qualify for a Jumbo Loan, we offer a variety of options that may meet your unique needs. In addition to more flexibility with income requirements for freelancers or business owners, we are now able to consider your assets as part of your income.
Another type of Jumbo Loan lets the homebuyer make interest-only payments for a specified period of time. Although this means that the borrower isn’t paying down the mortgage principal, these lower monthly payments can be an effective way to manage short- to mid-term cash flow. *
Low Down Payment:
We realize that not everyone has enough cash set aside for a large down payment. That’s why we offer low-down payment options for Jumbo Loans based on your FICO score. Borrowers with a 660+ score may be eligible to put down 20%, while those with a FICO score of at least 680 may qualify with just 10% down. We also have an option for 5% down on financing up to $850,000! **
No matter what your unique needs are, our team is ready to help you choose the right Jumbo Loan that fits your big dreams.
*Interest-only loans are adjustable rate loans in which the interest rate and payment may increase or decrease over time.
**Some jumbo loans require mortgage insurance if the LTV exceeds 80%, which will increase the monthly payment.
- By Stephanie Clark , Mar 08, 2019
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