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Jumbo Loan

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Jumbo Loan

Financing for Luxury Properties Jumbo Loans are a noteworthy home loan option for specific circumstances. If you're eyeing a high-value property and require larger-than-conventional loan limits, while still desiring relatively stable monthly payments and the security of a fixed interest rate, then a Jumbo Loan might be your path forward.
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What is Jumbo Loan mortgage?

A jumbo loan, commonly referred to as a non-conforming mortgage, is a unique type of home loan that transcends the conforming loan limits laid out by the Federal Housing Finance Agency (FHFA). This essentially means these loans are applicable to amounts exceeding $647,200 as of 2023 in most regions across the United States. However, it's important to note that these limits can be considerably higher in areas characterized by high-cost housing.

Benefits

Financing for loan amounts beyond conforming limits
Allowing borrowers to secure funding for high-value properties.
Flexible down payment options
providing borrowers with the ability to customize their down payment based on their financial capabilities.
Competitive interest rates
ensuring favorable terms and potential cost savings over the life of the loan.
Ability to finance luxury properties
making it possible to purchase upscale homes and enjoy a higher standard of living.

Requirements

Minimum 640 Credit Score
Most lenders require a minimum credit score of 640 for USDA loans.
No Down Payment Required
USDA loans do not require a down payment.
1% – 3% In Closing Costs
You’ll need 1% – 3% of the total purchase price to cover closing costs.
Debt-To-Income Ratio ≤ 41%
You’ll need a debt-to-income ratio (DTI) of no more than 41%.

Jumbo Loan Loan Options

Jumbo 15-Year Fixed
The jumbo 15-year fixed mortgage provides the certainty of a locked-in, comparatively lower monthly payment for its shorter term, suited for those investing in upscale properties.
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Jumbo 25-Year Fixed
The jumbo 25-year fixed mortgage delivers the assurance of a consistent, relatively lower monthly mortgage payment over a quarter-century, designed for those making high-value purchases.
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Jumbo 30-Year Fixed
The jumbo 30-year fixed mortgage offers the ease of mind that accompanies a fixed, lower monthly mortgage payment, tailored for luxury purchases with its larger loan amounts.
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