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.
Email this Page |
Bookmark |
Mortgage Calculator |
Home Buying Checklist
Research Mortgages |
Find a Realtor |
Free Credit Report
Back to Top of Homes for Sale Center
|
