Jumbo Mortgage Originator
What is a Jumbo Mortgage?
A jumbo home loan is known also known as a non-conforming mortgage. This is a loan a lender like Homestead Mortgage makes for an amount that exceeds the conforming limits regulated by guidelines of Fannie Mae and Freddie Mac. The maximum conforming jumbo home loan limit in most markets throughout the U.S. is $424,100 and $636,150 in high-cost housing markets where home prices are above average. Please note: the limits are adjusted periodically by Fannie and Freddie, so please contact us to find out exactly what the limits are as of today.
Created by Congress in 1938 and 1970, the government-sponsored enterprises Fannie Mae and Freddie Mac provide stability and affordability to the mortgage market by buying conforming mortgages from lenders like Homestead Mortgage, which helps make more money available to them to be able to provide new loans to more borrowers. Loans greater than the set limits are called non-conforming mortgages, and require jumbo financing where the lender sets the guidelines.
Jumbo Home Loan Benefits
Access to Significant Funds
With access a substantial amount of funds that exceeds the limits of a conforming loan, a jumbo mortgage gives you the ability to purchase a luxury or highly valued property.
Convenience
With a jumbo home loan, you don’t have to take out two or more loans, and can instead just easily manage the one mortgage on your property.
Different Rate Programs
You can choose from a fixed or an adjustable rate, which provides you with the flexibility to structure the loan in a way that best suits your needs.
Is a Jumbo Home Loan Right for Me?
This loan is for people looking for a mortgage in a high priced housing area. Just because the home prices on a jumbo loan are high, it doesn’t necessarily mean that the borrower is particularly wealthy. Homestead Mortgage offers many different types of jumbo loans to meet the needs of all types of borrowers.
If you’re thinking of purchasing an expensive property and you have a low debt-to-income ratio, a high credit score and a large down payment, then a jumbo loan may be right for you. To learn more about your Jumbo home loan options, contact the Homestead Mortgage jumbo mortgage originator expert Tim Barr today!