Get A Jumbo Loan
Getting qualified for a jumbo loan is much more difficult in today’s mortgage world than t was just a few years ago. But getting a jumbo loan isn’t impossible – it just means that you need to know what to expect with regards to jumbo loan rates and jumbo loan guidelines.
Jumbo Loan Lenders: Not All Are Created Equal
Working with the right jumbo loan lender can make all the difference when it comes to getting qualified for a loan. Each jumbo lender will typically have their own type of jumbo loan that they specialize in and finding the right lender who can help you with the jumbo loan that is right for your situation is key to getting the right loan. Each jumbo lender will have their own guidelines, so if one jumbo lender informs you that they cannot help you, chances are they will know of a lender who possibly can.
Jumbo Loan Guidelines: Different For Each Lender
Because jumbo loan guidelines are different for pretty much every lender, don’t be discouraged if one lender tells you they can’t help you with getting a loan. If you are a doctor, lawyer or other professional who has a high income, chances are good that there are programs that are sometimes referred to as “doctor loans” where just because you are in the right profession, guidelines are not as strict.
Any loan that is above the Fannie Mae / Freddie Mac loan limit of $417,000 is considered a jumbo loan. After that? Pretty much anything goes and each lender will have different guidelines for getting a jumbo loan.
Whenever you are shopping for a jumbo loan, you will notice that the jumbo loans that you can get often will have a slightly higher interest rate than a conforming loan and this is due to the increased risk of loss carried by the lender.
When it comes to interest rate and program choices for jumbo loans, jumbo loan programs can either be fixed or adjustable and may have an interest-only option available. Because jumbo loan programs change every day, it is important to speak with a jumbo loan expert who can understand your current financial situation as well as what you are trying to accomplish and then help you find the best jumbo loan program available.
Qualify For A Jumbo Loan Now
Get started shopping for your jumbo loan today, one of our jumbo loan experts is waiting to speak with you!
