Mortgage loans vary considerably. In fact, there may be as many different types of loans as there are types of borrowers. However, most loans are designed to meet the needs of the biggest market: middle-class Americans reaching for their piece of the American dream—a nice house with a small yard, maybe some good neighbors.
But what if your dream is bigger than the average American’s?
If your idea of the good life carries a higher price tag, you may be in the market for a Jumbo Mortgage Loan.
What is a Jumbo Mortgage Loan?
A jumbo loan is just what it sounds like: a mortgage loan, only bigger. More specifically, they are loans over the “conforming” loan amount set by lending giant Fannie Mae. That loan amount varies by county, and while it takes into consideration specific market area circumstances, it is set for most of the country at $453,100. Loan amounts greater than that are typically considered jumbo or even super jumbo mortgage loans.
Are Jumbo Loan Rates Higher?
Higher loan amounts generally mean higher risks for lenders and that risk is balanced in several ways. Most lenders require a larger down payment from the borrower, usually as much as 20%-50% of the loan amount. And yes, they generally come with a higher interest rate. They may also require private mortgage insurance (PMI) as another layer of risk mitigation, and carry stricter underwriting standards, such as a higher minimum credit score and a lower debt-to-income ratio (DTI). This can mean that jumbo loans are generally out of reach for the average borrower.
But not always…
Jumbo Loans with RoBUS Finance
RoBUS Finance offers jumbo mortgage products that many other lenders may not. Many years of experience working with jumbo loan products has taught us the fine details and the uncommon features of securing jumbo loan financing for people from all walks of life, and we can offer some of the most unique jumbo products on the market. In some instances, we can make loans of up to $3 million with
- As little as 5% down payment
- No Mortgage Insurance (PMI)
- Interest-only jumbo mortgage payments
- Cash-out jumbo refinance
- Lower FICO scores
- Veteran-specific jumbo loans (VA mortgage loans)
Jumbo Flexibility with Jumbo Home Equity Lines of Credit
Home equity lines of credit (HELOC) are a way for investors to draw on the equity in their homes to invest in other opportunities. It is essentially a line of credit based upon the equity you’ve established in your home that is available anytime you want it. You simply request a draw and get the funds. Many lenders are offer HELOCs in limited amounts, but RoBUS Finance knows that big dreams require big resources. That’s why they offer Jumbo andSuper Jumbo HELOC options—up to $10 million. And if you think these are expensive, think again. With interest rates below Prime and simple interest amortization, RoBUS Finance’s Jumbo and Super Jumbo HELOCS are the affordable way to put your investments to work for you.
Experience Counts in Jumbo Mortgage Finance
The bottom line is that there are many considerations and many options in jumbo mortgage financing. The most important decision you can make is finding a loan officer who is well versed in jumbo financings. If yourAmerican Dream is bigger than most, make sure you have a mortgage company whose resources and expertise are just as big.
Interested in talking to a loan officer about your borrowing options? Contact RoBUS Finance LLC at (844) 268-6008
About RoBUS Finance
RoBUS Finance LLC (NMLS # 1687346 is a direct lender and full service brokerage. We can handle all types of residential loans: conventional,VA, FHA, and just about any loan that may be turned down by a bank or a bigger lender if it doesn’t meet their guidelines. RoBUS Finance LLC also can provide private capital or hard money loans to 100% of value that can fund fast, and commercial loans for conventional scenarios and portfolio situations that the bigger banks and lenders cannot or will not do.
Restrictions may apply. Not all who apply will qualify.Program qualifications & offerings are subject to change at any time. EqualHousing Lender. RoBUS Finance LLC is licensed in UT, CO, CA, OR, WA, ID, MT,TX, & FL.
Information contained in this this Blog does not constitute legal, finance, or other professional advice or services and should not be used as a substitute for professional advice. The purpose of the Blog is to provide RoBUS Finance LLC’s opinions and general guidance on certain matters related to mortgages. The reader accepts full responsibility for use of the information contained herein.