Jumbo Mortgage Loans
Jumbo loans are typically any loan over the county high balance limits established by Fannie Mae/Freddie Mac. Unless you are in a high cost county such as in San Francisco or New York City, your conventional loan limit is $484,350 as of 2019. Any loan amount over that is considered jumbo.
Our Jumbo Mortgage Loan Offerings
We offer jumbo mortgage products that many other lenders may not. Many years of experience working with jumbo loan products has taught us the fine details and the uncommon features of securing jumbo loan financing for people from all walks of life, and we can offer some of the most unique jumbo products on the market.
Up to $726,000 loan amounts in any county nationwide we provide conventional pricing
We offer a 40 year interest only loan for jumbo
We offer a 5% down jumbo loan
We can do jumbo VA loans with no loan limit
We can do loan amounts up to $15 million plus on residential jumbo loans
This requires using alternative income documentation such as bank statements or even no income docs.
Mortgage loans vary considerably. In fact, there may be as many different types of loans as there are types of borrowers. However, most loans are designed to meet the needs of the biggest market: middle-class Americans reaching for their piece of the American dream—a nice house with a small yard, maybe some good neighbors.
But what if your dream is bigger than the average American’s?
If your idea of the good life carries a higher price tag, you may be in the market for a Jumbo Mortgage Loan.
What is a Jumbo Mortgage Loan?
A jumbo loan is just what it sounds like: a mortgage loan, only bigger. More specifically, they are loans over the “conforming” loan amount set by lending giant Fannie Mae. That loan amount varies by county, and while it takes into consideration specific market area circumstances, it is set for most of the country at $453,100. Loan amounts greater than that are typically considered jumbo or even super jumbo mortgage loans.
Are Jumbo Loan Rates Higher?
Higher loan amounts generally mean higher risks for lenders and that risk is balanced in several ways. Most lenders require a larger down payment from the borrower, usually as much as 20%-50% of the loan amount. And yes, they generally come with a higher interest rate. They may also require private mortgage insurance (PMI) as another layer of risk mitigation, and carry stricter underwriting standards, such as a higher minimum credit score and a lower debt-to-income ratio (DTI). This can mean that jumbo loans are generally out of reach for the average borrower.
But not always…
Jumbo Loans with RoBUS Mortgage
RoBUS Mortgage offers jumbo mortgage products that many other lenders may not. Many years of experience working with jumbo loan products has taught us the fine details and the uncommon features of securing jumbo loan financing for people from all walks of life, and we can offer some of the most unique jumbo products on the market. In some instances, we can make loans of up to $3 million with
- As little as 5% down payment
- No Mortgage Insurance (PMI)
- Interest-only jumbo mortgage payments
- Cash-out jumbo refinance
- Lower FICO scores
- Veteran-specific jumbo loans (VA mortgage loans)
Experience Counts in Jumbo Mortgage Finance
The bottom line is that there are many considerations and many options in jumbo mortgage financing. The most important decision you can make is finding a loan officer who is well versed in jumbo financings. If your American Dream is bigger than most, make sure you have a mortgage company whose resources and expertise are just as big.
Interested in talking to a loan officer about your borrowing options? Contact RoBUS Mortgage at (801) 590-4499
About RoBUS Mortgage
RoBUS Mortgage (NMLS # 1687346 is a direct lender and full service brokerage. We can handle all types of residential loans: conventional, VA, FHA, and just about any loan that may be turned down by a bank or a bigger lender if it doesn’t meet their guidelines. RoBUS Mortgage also can provide private capital or hard money loans to 100% of value that can fund fast, and commercial loans for conventional scenarios and portfolio situations that the bigger banks and lenders cannot or will not do.
Restrictions may apply. Not all who apply will qualify. Program qualifications & offerings are subject to change at any time. EqualHousing Lender. RoBUS Mortgage is licensed in AZ, UT, CO, CA, GA, OR, WA, ID, MT, TX, VA, WY, & FL.
Information contained in this this Blog does not constitute legal, finance, or other professional advice or services and should not be used as a substitute for professional advice. The purpose of the Blog is to provide RoBUS Mortgage’s LLC’s opinions and general guidance on certain matters related to mortgages. The reader accepts full responsibility for use of the information contained herein.
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