Why a JUMBO Loan is
Perfect for You!
Here are some of the critical characteristics of a Jumbo loan mortgagee.
- Higher credit score.
- Currently has a lower debt to income ratio.
- Can make a down payment of at least 3% or more.
- Can prove stable income.
What Kind Of Homebuyers Are Best Suited For A Jumbo Loan?
Jumbo loans are a type of nonconforming conventional loan. These loans are for those who want to borrow more than the conforming loan servicing limit permissible in their geographical area.
Those limits are set by government-sponsored agencies such as Fannie Mae and Freddie Mac.
What Is A Jumbo Loan?
Is A Jumbo Loan Right For Me?
Many jumbo loans exceed the loan servicing limit. For much of the country, that limit is $548,250, though there are areas of the country where the limits are higher.
So if you are looking for a loan that is more than that amount, a jumbo loan might be the best option.
For clients who meet the requirements of a Jumbo loan, this type of home financing arrangement might be well suited to them. Because everyone’s financial circumstances are different, finding the right kind of mortgage for you is critical. Better Lending is happy to walk you through this crucial step of buying a home.
Contact us today to learn more about why so many homeowners have trusted us to be their lender of choice.
Ready to learn more?