Jumbo Loans: What You Need to Know
Private sector sale of mortgage debt is finally returning after a long time. For the first instance, we’re seeing Jumbo Loans being sold to investors in the secondary market which will provide more options for people looking at large loans and also bring down rates due to competition among banks on how much they are willing or able to lend out! Jumbo loans are mortgages that exceed the conforming limit. The new jumbos will help people with low debt ratios take advantage of our services and reduce their monthly payments by buying a home or refinancing!
Jumbo and Super Jumbo Loans
Jumbo and Super Jumbos are mortgages with amounts greater than the conforming loan limit. The current nationwide maximums for these types of loans are set every January, but you can always find a program that will fit your needs at an amount higher if it’s available in your county or state!
Jumbo Loans
Jumbo Loans are loans that exceed the conforming limit. These higher-interest rate mortgages were once only given out by banks, but now you can also get them from FHA or even Private Mortgage Insurance companies (PMI). The average home loan in America has an interest rate around 4%. However for jumbos it might be 6%-7%, so make sure to do your research!
Jumbo and Super Jumbo Programs
- Jumbo loans are a great way to purchase that dream home.
- They offer up-to $5 million with rates as low as 1%!
- These programs can be for owner occupied properties, second homes or even 4 unit condos if you have more than one property in the same name so speak with an expert about your options before making any decisions on what type of loan works best for you.
Jumbo mortgages are available for owner occupied homes with 2nd home, or non-owner occupied properties. These loans feature low rate initial interest and can be as high as 80% loan to value ratio depending on your choice of variable rates that will keep costs down during tough economic times! If you’re interested in securing a jumbo without having the higher fixed rate mortgage then talk to one our experts at Mortgage Boulevard today because we have multiple options available just waiting – no matter what type of investor/consumer needs.
Conclusion
If you are looking to purchase a home, but have been struggling with the idea of putting down more than 20% for your first mortgage, then Jumbo loans may be just what you’ve been waiting for. With rates as low as 1%, these programs can give you access to up to $5 million in financing so that you don’t have to compromise on your dream property or location. These types of mortgages are perfect for owner-occupied properties, second homes and even 4 unit condos if they are all under one name because this loan is not restricted by how many units there are! Speak with an expert today about which type of loan best suits your needs before making any decisions about what kind of lending program works best!
