Apply For A Jumbo Home Loan
If you are in the market for a home that exceeds conventional loan limits, you need a jumbo home loan. Just as the name suggests, it’s for larger loan amounts.
Like with any loan, you must prove you can qualify for it, but because it’s for a larger loan amount, you’ll need great qualifying factors. At Mortgage Loan Center, we have a variety of jumbo loan options to meet your needs. Apply for a jumbo home loan today!
What is a Jumbo Loan?
Each year the conventional loan limit changes, but any loan amount exceeding the limit is a jumbo loan.
In 2021, any loan exceeding $548,250 is a jumbo loan. This means you need lending from a private lender since there aren’t any government sponsors for loans exceeding this amount.
Like conventional loans or any government-backed program, we offer a variety of loan terms for jumbo loans including:
- Fixed or adjustable-rate loans
- 15, 20, 25, or 30-year terms
How do you Qualify?
Since jumbo loans are for larger amounts, you must prove you can afford it, but it’s no different than any other loan.
At Mortgage Loan Center, our professionals walk you through the process to determine which lender offers the best jumbo loan for you.
In general, you’ll need:
- Good credit (640 or higher in most cases)
- Debt ratios that don’t exceed 43%
- Large down payment of 20% – 30%
- Stable income and employment
Jumbo loans have tougher underwriting requirements because of the risk lenders take. They only want borrowers who they feel comfortable can afford the loan today and for the entire term.
Purchase and Refinance Loans
At Mortgage Loan Center, we offer purchase and refinance loans for qualified borrowers. If you own a home that’s worth over $548,250, we’ll help you refinance your loan either as a rate/term refinance to save money or as a cash-out refinance to tap into your home’s equity. Apply for a jumbo home loan today!
Mortgage Loan Center Professionals can Help you with your Jumbo Loan Needs
Applying for a jumbo loan can be overwhelming, but at Mortgage Loan Center, we make it easy. Our professionals explain all of your options and help you understand how to qualify for each option that interests you.
We’ll discuss your credit (this is important with a jumbo loan) and how to verify your down payment funds to prove they are your funds and not borrowed. While the underwriting requirements seem stricter and the ability to secure a jumbo loan may seem tougher, we make it easy. Call us to see if you’re eligible for a jumbo loan whether you’re buying a house or refinancing your existing home. Apply for a jumbo home loan today!