Jumbo Loans

Jumbo Loans

Paying a mortgage every month can be hard or impossible, even for buyers with the best-laid plans. Life happens, the market changes, and sometimes homeowners simply aren’t able to make ends meet and end up close to or completely “upside down” on their mortgage — owing more than the home is worth.

If you are in the market for a high-value home or property, our jumbo mortgages provide the financing solution you need. At Home Lending Pros LLC, we understand that luxury homes often require specialized loan options, and we are dedicated to helping you secure the funding necessary to make your dream home a reality.

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What Are Jumbo Loans

Jumbo loans are exactly what they sound like — large loans for expensive homes. They differ by amount from state to state and are not secured by Freddie Mac or Fannie Mae. In most counties/states, homes over $548,250 require a jumbo loan (this of course differs in areas of higher-cost homes). For reference, if you hear the term non-conforming loan or non-conforming conventional loan — it’s the same as a jumbo loan.

To qualify for a jumbo loan, buyers must have a low debt-to-income ratio (under 43 percent but aim for 36 percent) and a very high credit score (over 700). These loans also require all of the other loan requirements, like proof of income and assets to cover payments, paystubs, etc. Sometimes, buyers must prove they have enough cash on hand to cover a year of mortgage payments.

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Why choose us

Down payments required for a jumbo loan used to be closer to 30 percent of the home price. Now, they are usually within the range of 10-15 percent of the home price, but closer to 20 percent is always better. While APR (annual percentage rates) used to be higher for jumbo loans, recently they’re similar to the APR rates of conventional loans. Closing costs may be higher with a jumbo loan because there is more money on the table in the first place.

If you’re in a position to purchase a high-dollar home and have the assets to do so, a jumbo loan is probably the right route for you and your lender can assure you of this.

If you need more information, give our mortgage lenders a call, and we’ll get you set up! Our team at Home Lending Pros LLC is dedicated to helping you find the lending solution that’s right for you.

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