If you are looking to get a high end home, a Jumbo Loan might be the right mortgage option for you. You can get the property of your dreams without having to worry about FHFA limits.
The scent of a new home or property is exquisite, but it requires a lot of money. Pleasures such as property and housing don’t come cheap – and that’s precisely why you might need a jumbo loan. Getting a loan like this is not only possible; it’s a fantastic way to finance your dreams – and since it has high credit quality, it has outstanding credit building potential.
A jumbo loan is a mortgage loan used to finance properties or housing that exceeds the conforming loan limit set by the FHFA and FNMA. This limit is usually capped at $510.4K for most states such as Minnesota but can be bigger or smaller depending on the state and location.
Jumbo loans are exclusively offered by private financial institutions such as banks. They are not eligible to be purchased, secured, serviced, or guaranteed by the Federal National Mortgage Association or Federal Home Loan Mortgage Corp. These types of loans can be adjustable or fixed-rate.
Not all banks or financial institutions are reliable or fair lenders, so you have to know who you’re getting your jumbo loan from. GO Mortgage is a reliable, renowned, and top-rated jumbo loan issuer with competitive rates and added expertise in the field.
Jumbo loans are a fantastic option for people with a good credit score looking to invest in their primary home, vacation getaway home, or even investment properties.
Jumbo loans exceed conventional loans in amount and requirements. Jumbo loans always require a larger credit score, DTI ratios, income thresholds, and down payment abilities.
Conventional loans are less expensive than Jumbo Loans, but both of them are entirely private loans that can’t be issued by federal institutions.
While conventional loans can be conforming or non-conforming, Jumbo loans are always non-conforming. Non-conforming loans are not backed or insured by Fannie Mae or Freddie Mac.
Before you apply for your exciting new Jumbo Loan, you’ll have to get all of your paperwork, credit score, and DTI ratio in order. After you’re done with that, all you need to do is contact GO Mortgage to apply for a Jumbo Loan.
We’ll guide you through the process from start to finish to get the property of your dreams in no time at all! When you’re working with GO Mortgage, you’re working with the best. Contact us today to find out more about what we can do for you and your Jumbo Loan needs!