Jumbo / Super Jumbo Loans
Jumbo loans are perfect for anyone looking to get a mortgage that is extremely large or exceeds their county limit for a standard loan. Simply put, jumbo loans are for when a desired loan is higher than the limit set by the FHFA (Federal Housing Finance Agency). When this happens, a jumbo loan is required to secure the loan and get your jumbo dream house.
Intro to Jumbo / Super Jumbo Loans
Whether you are trying to purchase a home in an expensive housing market, or with strict standard county limits, jumbo loans are often the best or only loans for these situations. They allow for larger loans and thus often come with larger rates and more risk. At Loan Vault we make sure to find you the smallest interest rates and best down payments for your jumbo Loan. Apply today to see we mean business when we say we will get you the most competitive rates for these loans.
What is a Jumbo / Super Jumbo loan?
A jumbo loan is any loan that exceeds the standard set by your county or the FHFA. Conventional loans are set at certain qualifications and specifications because they fall under a certain limit and thus come along with a known risk. Loans that exceed these limits, by nature of being larger, take on more risk to the lender. Because of these larger values and risks, different requirements and specifications are created for these loans. They often require better credit, cash reserve, and better debt-to-income ratios. Nowadays more lenders are willing to give these loans, and thus rates are becoming more competitive and similar to conventional loans. Contact one of our Lending Officers today to find out how financing this loan would look for you.
These loans are:
- Perfect for loans that exceed limits set by the FHFA
- Have specific requirements of credit score, down payment, property type, and debt-to-income ratio
- Great for purchasing homes in expensive housing markets
Is a Jumbo / Super Jumbo Loan Right For You?
Requirements to keep in mind when considering a Jumbo / Super Jumbo loan:
Higher down payments than standard loans
Lower debt-to-income ratios and/or higher credit scores