Dream Big – Jumbo Loans – More Buying Power

 About Jumbo Home Loans

Jumbo loans are also known as non-conforming loans because their loan amount surpasses the limits of most conventional mortgage loans.

These loans are amounts that are over $417,000. And one of the most significant benefits of this type of loan is that they allow you to borrow more money for your property.

In some areas, real estate can be pretty expensive. And you may need to borrow more money than what a conventional loan will cover.

Instead of having two different loans, the Jumbo loan allows you to have one loan for the total amount of money.

How These Loans Work?

Both loans allow you to borrow the money you want with fewer restrictions.

If you want to consolidate multiple mortgages into a single loan or refinance existing home loans, this loan program may be the perfect answer.

These loans have become very popular in today’s real estate market because of the low-interest rates.

They allow you to afford luxury homes with fixed rates, and they lock in the competitive rates, so you have stable monthly payments for years to come.

Requirements For This Loan

Jumble loans are non-conforming loans, and they have different requirements. Most lenders require a credit score of around 700.

Lenders will also consider your financial situation when applying for a loan.

Most lenders require a down payment of at least 20%. However, with the low-interest rates today, lower down payments closer to 10% are becoming more available, especially if you have a higher than average income and credit history.