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What are Jumbo Mortgage Home Loans?
Jumbo Mortgage Home Loans are for properties where the necessary mortgage loan amount is greater than then the maximum loan amount set by Federal Housing Administration, Veterans Affairs and Fannie Mae & Freddie Mac.
Jumbo Mortgage Loans have slightly higher interest rates due to the lack of additional mortgage insurance that most mortgage loans have.
While there are certain areas throughout our country that are deemed as a high-cost area.
In general, if your principal loan amount is greater than conventional loans county loan limits, you will need to rely upon Jumbo Mortgage Loan products. When you submit your loan application on-line, our system will identify all applicable loan programs that captures the lowest rates, payments and closing costs.
When should you use a Jumbo Mortgage Home Loans?
If you have a credit score greater than 660 and your new estimated mortgage loan amount is greater than the conventional county loan limit for the property's locations, then a Jumbo Mortgage Loan is the only loan option. If you are a Veteran, the VA Home Loan offers a Jumbo Mortgage loan that you can apply for.
Due to the expanding financial market EquiFund offers other loan programs. New loan programs may become available that may provide equal to or better lending terms based on your overall credit worthiness, income earnings. You can easily review all eligible lending options by comparing offers that analyze all options for you.
By completing our brief online Real Time Loan Quote we will calculate your monthly payments with all products and provide you with real numbers so you can make an educated decision.
Jumbo Mortgage Home Loans Requirements:
Available Terms 30, 25, 20, 15 and 10 Year Fixed and Adjustable Rates
- * Primary, 2nd Home, or Investment Rate term Refi
- * Single, Condo, Manufactured, Multi-family
- * 10% Down Payment
- * 90% Financing for Purchase or Refinance
- * No Monthly Mortgage Insurance
- * Lower Rate & Better Terms
- * 660 Minimum Credit Score
Jumbo Mortgage Home Loan Programs
Jumbo mortgage home loan programs offer borrowers mortgage financing for all types of loan request.
These programs are ideal for purchasing a home or refinancing an existing property to lower monthly payments, lower interest rates or access the equity in home with a Jumbo mortgage refinance.
In addition, Jumbo mortgages offer home improvement loans to make improvements to any home you are purchasing or refinancing a home.
Jumbo Mortgage Loans, adhere to the underwriting guidelines are authored by each mortgage lenders unique underwriting guidelines. Most mortgage lenders and banks follow these underwriting guidelines to ensure that the loans are marketable and can be sold to other investors.
Jumbo home loans do not require private mortgage insurance and do not have any funding fees.
Jumbo mortgage rates are competitive and available in both fixed and adjustable interest rates.
Jumbo Mortgage Home Loan Programs
Jumbo Home Loans for Purchasing a Home
Jumbo Purchase Loans offer home-buyers the ability to purchase a home with as little as 10% of the purchase price for a down payment. To qualify under Jumbo underwriting guidelines, borrowers must have a min. credit score of 580 and 2 years of verifiable income, unless previously retired or in college.
Benefits of Jumbo Loans:
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Provide Financing on large loan amounts
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Adjustable and fixed Rates
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Interest rates only loans
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Loan-to-Value up to 90%
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Easy qualifications and loan approvals
Jumbo Refinance to Lower Payment
Existing homeowners are offered the ability to lower their monthly mortgage payment by using a Jumbo Rate and Term Refinance that can lower the existing interest rate or refinancing the current loan balance back to a full 30-year term. This will help homeowners who are looking for every option to lower their monthly bills.
Benefits of Jumbo Loans:
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Lower your interest rate
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Fixed rates and adjustable Rates
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Loan-to-Value up to 90%
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Easy qualifications and loan approvals
Jumbo Refinance for Cash Out
This Jumbo cash out refinance for homeowners in need of cash for investments, to purchase another property, pay for college, home improvements or personal matters. A Jumbo cash-out mortgage loan grants homeowners the ability to access the equity in their home at an interest rate far lower than personal loans and credit card debts.
Benefits of Jumbo Loans:
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Lower Interest Rates for low credit scores
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Adjustable and fixed rate loan options
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Interest only loan options
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Loan-to-Value up to 80%
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Easy qualifications and loan approvals
Jumbo Refi for Debt Consolidation
A Jumbo debt consolidation mortgage loan gives homeowners the ability to consolidate their high interest rate debts like credit cards, auto loans, and personal loans into one monthly payment. In many cases, the monthly savings realized by consolidating the debt affords homeowners the ability to pay their home off up to 40% faster.
Benefits of Jumbo Loans:
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Low-rate cash out loans
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Adjustable and fixed rate loan option
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Interest only loan options
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Loan-to-Value up to 90%
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Easy qualifications and loan approvals
Jumbo Home Improvement Loan
The Jumbo Home Improvement loan allows homeowners the ability to access the equity in their home or use an after value real estate appraisal that determines the value of the home based upon proposed improvements have been completed to determine the eligible loan amount for improvements and upgrades.
Benefits of Jumbo Loans:
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Loans for making home improvements
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Home Remodeling and upgrades
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After value real estate appraisals
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Loan-to-Value up to 90%
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Easy qualifications and loan approvals
Jumbo Loan Limits (2023)
As of April, 2023 the max loan amount allowed for a Jumbo Mortgage loan limit is $ 2,500,000. If your loan amount exceeds the limit, it is still possible to receive a loan approval.
If your new proposed mortgage loan amount does not exceed Conventional Loan Programs loan limits, then applicants will be better suited with a Conventional Mortgage Loan.