Jumbo Loans
Let CREFCO help you purchase a higher
valued home.
 What
is a Jumbo Loan?
A jumbo loan or jumbo mortgage is simply any mortgage where
the loan amount exceeds the industry standard lending limit.
In today’s market, most homes have a loan limit of
$417,000; however the 2008 economic stimulus package
provided a limit increase to $729,000 in certain areas.
Jumbo Loan Qualifications.
In order to qualify for a jumbo loan, lenders generally
require a stronger credit score from the borrower, usually
at least a 660.
In addition, jumbo loan lenders require three months of
reserves (3 times the monthly mortgage amount) for a jumbo
loan.
Also, because jumbo mortgages have a higher principal loan
amount than their traditional counterparts, the interest
rate will be higher than for a conventional loan. Even so,
interest rates for jumbo loans are near their all time low!
Are There Different Jumbo Loan Types?
Yes! Jumbo loans apply to many different varieties of loans,
like VA loans, FHA loans, and conventional mortgages. That’s
right... you can get into a home with a federally insured
jumbo loan!
Other than the above requirements, jumbo loans are no
different than their "conventional" counterparts.
I Need a Jumbo Loan - How do I get Started?
The great news is that jumbo loan interest rates are near
their historic lows! That makes now the perfect time to
apply!
Get access to CREFCO's low rates by filling out our fast,
free, secure application or by calling 866-854-4242!
Did You Know?
USDA loans have no corresponding
jumbo loan. That's because there is NO lending
limit for USDA rural development home loans. To
learn more and find out if you are eligible...
click here. |
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What Clients Say
"Wonderful... AGAIN."
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Conventional or
Jumbo?
In some places a jumbo loan is
required for any mortgage over $417,000. In
other places, that number shoots up to $729,000.
To determine the conventional lending limit in
your area call 866-854-4242! |
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