What is a jumbo loan?
Jumbo loans are used to finance homes with loans exceeding the loan limits set by government sponsored entities (GSEs). It is suitable for borrowers who want to buy luxury homes or refinance existing large mortgages. Jumbo loans allow you to have larger loans because it does not conform to the requirements set by Fannie Mae and Freddie Mac.
What benefits do jumbo loans have?
- Jumbo loans can assist you in borrowing the money needed to purchase pricier properties.
- You can choose from a variety of different loan programs that may give you flexibility on your loan terms.
- You can borrow a higher amount for a home in single loan instead of breaking it up into smaller loans.
You may be eligible to qualify for a jumbo loan if you can meet these requirements:
- Have a decent credit score (680 and above)
- Have a low debt-to-income (DTI) ratio (under 43% at least)
Why should you choose Sun West?
Our team offers a 24-hour loan center for future home owners who don’t have time to apply for a loan during regular business hours. We offer quick loan approvals and provide our clients with suitable loan options for their needs and financial situations. Our team members are well-versed in Jumbo loan rules and requirements and will ensure that you are knowledgeable about our mortgage process prior to committing to a loan.
For any questions about the Jumbo loan process or any of our other home loan services, give our team at Sun West a call to speak to a local team member who can answer all of your home loan questions. Contact us today!