Larger Home? Larger Loan.
With a choice between fixed or adjustable rates, our jumbo loans offer maximum flexibility for home financing for larger loans.
For those aspiring to own luxurious estates, high-end condos, or expansive properties in prime locations, Jumbo Home Loans may open that door. Jumbo loans start at $1 above the Conventional loan limit and go up to $4,000,000.
Defining Jumbo Home Loans:
Jumbo Home Loans, also known as non-conforming loans, surpass the limits set by government-backed mortgage agencies like Fannie Mae and Freddie Mac. Currently, for most of the country, a Jumbo loan amount is $806,501 and above. We have loans all the way up to $4 million!
Required Down Payment and Credit Score:
Jumbo loans start with down payments of 10.1%. Although your credit score always matters and a great score can help with your loan approval, Jumbos start with a 660 score. Generally, the Jumbo interest rates are slightly above the current Conventional rates.
Navigating the Complexity:
Securing a Home Loan can be a complex process. Due to the substantial loan amounts involved, lenders often require rigorous financial documentation and a meticulous evaluation of the borrower’s creditworthiness. That’s why you want to use a Mortgage Broker, like Old West Lending. We guide borrowers through the application process, helping them understand intricate terms, interest rates, and repayment schedules. We also have more than one lender to use for your home loan. We have options.