A Jumbo loan can be defined as a mortgage that is more than the limits of Freddie Mac Fannie Mae; these two are sponsored by the government and the two organizations buy home loans and package the loans for investors.
If you want to buy a mansion or you are only looking for a regular home in Silicon Valley or any other high-priced area in the United States, then a Jumbo loan is the best option for you. The loan covers a loan amount larger than the normal for many other types of loans the amount you can get as a jumbo loan depends on the lender that you partner with. As the amount varies, so does the criteria for qualification. A Jumbo loan is about the least popular of all the types of mortgage loans in the United States. It is smaller than what obtains in the market for conforming loans. Since the criteria for qualification and amount, you will need to look around for lend that offers the highest amount without requiring too many criteria for qualification.
Despite its unique state, jumbo loans are very similar to conforming loans. There are similarities among the details of the loans, including the payment schedules. The borrowers can access an adjustable or fixed rate of the jumbo loans and the loan can also come with various term options. There are times that the interest rates on jumbo loans are higher than what obtains on conforming loans. You can use jumbo loans to purchase primary homes and even use the money for property investment. If you like, you can use the money to purchase vacation homes.
Jumbo Loan Qualifier. Home loans from $510,400 to $2,000,000 with competitive interest rates.
- Interest rates for jumbo loans are typically lower than conventional loans.
- Purchase a home with as little as 20% down.
- Jumbo loans are available for primary homes and second homes, located on up to 20 acres.
Perfect loan helpmate for you
Mission Pacific Mortgage is your best helpmate as far as jumbo loan is concerned. If this is the first time you will be going for this mortgage loan, you may be confused about how to apply for it. We have got your back in this area. We can guide you and ensure that you get the perfect loan just for you. It does not matter where you reside in the United States, you can always trust us to assist you with your loan application. We can even offer you sound advice that can help you to make the right decision as regards the mortgage loan you need. Our doors are always open and you can even get free consultation when you partner with us for a Jumbo loan or any other type of mortgage loan for that matter. We have the expertise and experience to assist you with loan application either you are a first time home buyer or not.
Does it have limits?
The limits of the Jumbo loan do vary. The highest limit in most parts of the country is $510,400 according to issue from Freddie Mac and Fannie Mae. The limit obtainable depends a great deal on the area and can be higher in expensive areas.
- Jumbo loan limits for places like Hawaii and Alaska is $765,600 for 2020
- The jumbo loan limit for places like Washington DC and New York for 2020 is $765,600
Who are those that can go for a jumbo loan? These are individuals that need a loan more than what the loan limit is in their areas.