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Jumbo

I need a mortgage loan that exceeds the conventional loan limit.

Why a Jumbo Loan?

Lower Interest Rates

Compared to other types of mortgages, conventional mortgages usually have lower interest rates because they are not insured or guaranteed by the government. This means that lenders take on more risk, and as a result, borrowers may receive a lower interest rate.

Flexible Terms

Offers a wide range of terms, such as fixed-rate and adjustable-rate mortgages, as well as different lengths of the loan, such as 15-year or 30-year terms. This allows borrowers to choose a mortgage that fits their financial situation and goals.

No Mortgage Insurance

Conventional mortgages do not require mortgage insurance if the borrower makes a down payment of at least 20% of the home's purchase price. This can save borrowers a significant amount of money on their monthly mortgage payment.

Faster Closing

Since conventional mortgages do not require government approval or oversight, the approval process can be quicker than with other types of mortgages.

I'm interested in a Jumbo loan.

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FAQs

Common questions regarding Jumbo loans.

Generally, borrowers need a credit score of at least 620 to qualify for a conventional mortgage. However, some lenders may require a higher credit score, depending on other factors such as the size of the down payment and the borrower's debt-to-income ratio.

The down payment required for a conventional mortgage can vary depending on the lender and the borrower's financial situation. However, most lenders require a down payment of at least 3% of the home's purchase price. If the down payment is less than 20% of the purchase price, the borrower may be required to pay private mortgage insurance (PMI).

Yes, you can use a conventional mortgage to buy a second home or investment property. However, the requirements and interest rates may be different than those for a primary residence. Generally, lenders may require a higher down payment and a higher credit score for these types of properties.

Yes, you can get a conventional mortgage if you are self-employed. However, you may need to provide additional documentation, such as profit and loss statements and business tax returns, to demonstrate your income and financial stability. Lenders may also require a larger down payment or higher credit score for self-employed borrowers.