Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes. Typically Jumbo Loans require a higher down payment than traditional loans.
Advantages of Jumbo loans
Jumbo loans have many advantages including higher loan limits then the standard conforming loans. If you are purchasing a house over the loan limit of $484,350 then your loan is considered a jumbo loan. You can get a Jumbo Loan with as little as 5% down, if you have a good credit score above 660, you will be more likely to qualify.
How to qualify for a jumbo loan
- Credit Score above 660
- DTI of 43 to 45 percent or lower
- Minimum three months of reserves
- Down payment of 5 percent down minimum
- Minimum 2 years of employment
Jumbo loan limits
Fannie Mae and Freddie Mac Baseline Limit Will Increase to $484,350. The Jumbo loan limit is anything higher than that.
Is a jumbo loan right for me?
If you are in the market or a home over the price of $484, 350 it has a minimum credit score of at least 660. A Jumbo loan could be a great option to purchase your home. If you are purchasing a house under the jumbo loan limit we generally recommend the utilization of a conventional or FHA loan.
Apply for a Jumbo loan
If this loan is right for you contact us at Hamilton Mortgage Services so we can better accommodate your financial needs. At Hamilton Mortgage we provide Jumbo loans in Boca Raton, Parkland, Pembroke Pines and Miramar, as well as the whole state of Florida. For more information on Jumbo Loans or how to qualify, contact us today.