Jumbo Program
Jumbo loans are mortgage loans that exceed the conforming loan limits set by the Federal Housing Finance Agency, offering borrowers the opportunity to finance higher-priced properties.
THE DETAILS:
The Jumbo Loan Program is geared toward borrowers looking to finance a loan above the Conventional County Loan Limits – currently $453,100. The Jumbo is a combination of three offerings that have more flexibility than High Balance loans, including an option with no mortgage insurance, more fixed rate options and financing up to $2.5 million. Jumbo loans can be used for a first-time homebuyer, an investment property or to refinance an existing property.
ADVANTAGES :
- Ability to exceed county loan limits
- Finance up to $2.5 million
- Fixed Rate Mortgage options available with 10 to 30-year terms
- Adjustable Rate Mortgages (ARMs) available
- No mortgage insurance required if your loan to value is greater than 80%
- Minimum Credit Score of 661