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.

What is a Jumbo Loan?

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.

How are Jumbo Loans Different?

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.

How We Can Help

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 amount up to $4 million
  • Exclusive rates for you best clients
  • Eligible for primary and second home
  • Application to close in 25 days

Contact us for more information here or learn more about David A. Krebs.

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