Jumbo

BUYING A HOME THAT NEEDS A JUMBO LOAN

Are you thinking about buying a house that costs more than $453,100? Unless you are planning to make a significant cash down payment on your new home, it’s likely that you will need to apply for a jumbo loan.

Jumbo Loan

What is it?

A jumbo loan is a home loan for property in the continental United States that costs more than $453,100, whether the funds are used to purchase a new luxury home or to refinance an existing mortgage.

Jumbo loans are simply mortgage loans made for amounts that exceed the limit for conforming home loans, as determined by Freddie Mae and Fannie Mac government sponsored entities. These are the two largest players in the secondary home loan market in the United States. For this reason, jumbo loans are sometimes referred to as nonconforming loans.

Not all lenders offer jumbo loans.

If you are planning to apply for a jumbo loan, it is important you let us know right away since the process to quality for a jumbo loan or nonconforming home loan can be different.

Because jumbo loans are considered to be among the most risky types of mortgage loans, they are more expensive to get and to process than conforming mortgages.

You can also ask us about super jumbo financing.

(Note: For residents of Alaska, Hawaii, Guam, and the U.S. Virgin Islands, mortgages are not considered to be jumbo loans until they exceed $6279,650.)

We specialize in jumbo loans and can give your clients the pricing and turn time they deserve.

  • Loan amounts up to $4 million
  • Exclusive rates for your best clients
  • Eligible for primary and second homes
  • Application to closing in 25 days or fewer

Contact us for more information at:

Dkrebs@Championsmortgage.com

Learn more about David A. Krebs 


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