Do you need a loan that is greater than $417,000? We are here to help with an excellent selection of Jumbo Loans up to $2,500,000.
The jumbo mortgage financing industry is always in a state of flux as the supply and demand for these particular loan products can change due to outside market conditions. A good rule-of-thumb to remember when applying for a non-conforming loan is to have your paperwork organized, as well as a good explanation prepared for anything that may raise potential questions by an underwriter about your ability to repay the mortgage over the term.
The rates are typically higher with Jumbo Mortgages due to the amount of risk associated with financing a larger property that may be more difficult to sell and recoup losses in the case of a default.
Typically, down payments for non-conforming loan amounts can be 20% or higher of the purchase price. Generally speaking, the larger the purchase price, the more money the borrower will have to invest as a down payment.
Private Mortgage Insurance (PMI) is only required if the Loan-to-Value (LTV) is greater than 80%.