Jumbo Home Loans
Pauling Homes Team is not a financial institution, but we work closely with First Class Mortgage as a trusted partner and lender.
A loan is considered jumbo if the amount is the mortgage exceeds loan surviving limits set by Fannie Mae and Freddie Mac. Jumbo mortgages are available for primary residence, secondary residence, vacation homes and investment properties in a variety of terms including fixed-rate and adjustable-rate loans. Typically they have a higher interest rate. stricter underwriting rules and require a longer down payment then a stand mortgage.
Eligibility Requirements
-
Maximum debt-to-income ratio for jumbo loans is 45% and the required borrowers can be as high as 20% of the value of the loan.
-
The property appraisal must support the purchase price
-
Terms vary based on down payment and credit
Benefits
-
A variety of loan terms are available- Jumbo loans are not limited to 15 and 30 year terms
-
Higher Purchase Limits- Can exceed the conforming loan limit of $726,200
-
Competitive Rates- Jumbo loan rates have reached historic lows in the past few years, and the interest on loans up to $1 million may be tax deductible
-
Jumbo loans vary from lender to lender, loan amounts higher than $1.5 million usually means loan-to-value (LTV) percentages lower than 90%
