What is a jumbo loan?


Jumbo loans are used to finance homes with loans exceeding the loan limits set by government sponsored entities (GSEs). It is suitable for borrowers who want to buy luxury homes or refinance existing large mortgages. Jumbo loans allow you to have larger loans at a lower rate because it does not conform to the requirements set by Fannie Mae and Freddie Mac.



What benefits do jumbo loans have?


  1. Jumbo loans can assist you in borrowing the money needed to purchase pricier properties.
  2. You can choose from a variety of different loan programs that may give you flexibility on your loan terms.
  3. You can borrow the full amount of money from one loan instead of having to break it up into two different loans for buying a higher-priced home. This may allow you to have better interest rates.


Eligibility

You may be eligible to qualify for a jumbo loan if you can meet these requirements:

  • Have a decent credit score (700 and above)
  • Have a low debt-to-income (DTI) ratio (under 43% at least)
  • Proof of accessible cash on hand

Why should you choose LowRates?


Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with the best loan options for their needs and financial situations. Our team members are well-versed in Jumbo loan rules and requirements and will ensure you are knowledgeable about our mortgage process prior to committing to a loan.


For any questions about the Jumbo loan process or any of our other home loan services, give our team at LowRates a call to speak to a local team member who can answer all of your home loan questions. Contact Us Today!



How It Works

Step One

Use our online application to send in your request or contact our office via phone or email.


Apply Now

Step Two

Once your application is complete, we’ll take a look at your family’s financial situation and home loan needs and then pair you with a list of mortgage options.

Step Three

Review and discuss your loan options with your loan officer to make sure you choose the right loan for your needs.




Step Four

Once your loan is chosen and your application is accepted, you are ready to close!