Are you ready to buy that big, lavish, gorgeous house? Do you need a big loan?
Typically, there are limits to how much you can borrow with conventional conforming loans. These thresholds are set by the Federal Housing Finance Agency, or FHFA, and depend on the property’s location. Unlike conventional conforming mortgages, a Jumbo Loan will not be purchased or guaranteed by Fannie Mae or Freddie Mac.
So, what is a Jumbo Loan?
If you are looking for a loan to purchase a property in a highly competitive real estate market or are looking to buy a luxury home, you’ll likely need a Jumbo Loan.
Like FHA Loans, VA Loans are easier to qualify for than conventional loans. Additionally, they include myriad benefits, such as 100% financing. If you are a veteran or an active member of the military, and are looking to purchase a home, you will find everything you need to know about VA Loans below.
If you wish to obtain a loan that exceeds the conventional conforming loan limit in a location you covet, a Jumbo Loan is your ticket. The higher the home prices are in a particular county, the higher the conforming limit for that area.
It is critical, in that sense, to check the loan limits of the region in which you are looking to buy. To see 2019’s loan limits for all counties, you can download the PDF below. This file comes from the FHFA website and is offered here as a convenience for our prospective clients.
A Jumbo Loan is also known as a conventional conforming loan. As such, the maximum loan amount will be different for each lender.
Furthermore, there are various term options for Jumbo Loans.
This type of loan can be used to buy your primary home, a vacation home or investment properties.
Jumbo Loan approvals have some flexibility that conventional conforming loans don’t.
To satisfy your specific Jumbo Loan needs, call Secure Choice Lending today.
Our loan officers are happy to answer all your questions and discuss your options until everything is clear to you.
Secure Choice Lending is a full-service mortgage broker that will secure you a mortgage that doesn’t break the bank.
To streamline the lending experience, our team of financial experts matches consumer needs with the appropriate loan programs and level of risk. With loan officers versed in all mortgage types, solutions to your home-buying questions are a phone call away.