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Jumbo Loans

Jumbo loans are home loans with loan amounts above $332,700. Jumbo loans have a slightly higher rate than those loans below $332,700 which are considered conventional loans (Fannie Mae & Freddie Mac loans). Jumbo loans have many different types of programs available to meet the various needs of borrowers.

Jumbo Loan Programs

There are many types of jumbo loans available. Each jumbo loan program is designed to meet a particular need of a borrower. Below is a list of the most common types of jumbo loans:

  • Fixed Rate Jumbo Loans - these loans have a 30 or 15 year fixed rate term. Fixed rate jumbo loans are designed for those individuals who plan on staying in their home without refinancing for a long time.
     
  • Interest Only Jumbo Loans - these jumbo loans are available with various loan terms but what is important is the they offer a lower monthly payment since the payment is interest only.
     
  • Hybrid / Adjustable Rate Jumbo Loans - these jumbo loans will have a fixed rate period then they become an adjustable rate mortgage. The terms of these jumbo loans will be fixed for 6 months, 12 months, 2 , 3, 5, 7 or 10 years. These hybrid jumbo loans are also available as interest only loans. This type of jumbo loans are an excellent option to keep your monthly payments low if you intend on keeping the home for a short period of time or if you intend of refinancing in the future.
     
  • No Doc / Stated Income Jumbo Loans - these types of jumbo loans are commonly used by self-employed individuals with complicated tax returns or by those individuals who do not wish to provide documents to qualify for a home loan. These jumbo loans will have a slightly higher mortgage rate because the mortgage lender has a higher risk on the loan since they do not verify the income.

This is just a sample of the available jumbo loans. There are many more jumbo loan programs available. If you would like to learn more about jumbo loans you may request a free jumbo loan pre-qualification by completing this short form below and a top jumbo loan mortgage lender will contact you.

If you have questions regarding Jumbo loans, please feel free to contact us at: (800) 931-7377.

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