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Jumbo Loan Limits

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Jumbo Loan Limits

Jumbo mortgages are a good solution for borrowers who are looking to buy a higher-priced home. A jumbo loan is one which is higher than the conforming loan limit for the county or state. For most areas of the country, loans above $510,400 are considered Jumbo. At RK Mortgage Group we offer some of the most versatile jumbo loan programs in the industry at a lower rate.

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Have you found the home of your dreams but are reeling from sticker shock for more than half a million dollars? Qualifying for a jumbo mortgage could help you purchase the home of your dreams if you have sufficient income to qualify. Here are the basic jumbo loan requirements you’ll need to know which includes current jumbo loan limits.

What is Jumbo Loan Limits in Your Area?

The jumbo loan limit for most of the United States is in 2020 is $510,400. This limit is set by the Federal Housing Finance Agency. There is an exception in a high cost county where the limit is $765,600. If you are unsure what the conforming loan limit is in your area contact one of our loan specialists who can advise you on the best loan programs for your jumbo loan needs. You may also visit FHFA website directly.

Who sets confirming loan limits?

If the home of your dreams is over the jumbo loan limits set for Fannie Mae or Freddie Mac, chances are you’re going to need a jumbo loan. Mortgages that fall outside these guidelines are not eligible to be purchased by Fannie Mae or Freddie Mac and are therefore not guaranteed against default by the government. These are “higher risk” home loans where the risk is usually passed on to the borrower in the form of higher rates and fees.

Qualifying is Much Easier in Today’s Market

Jumbo mortgage loans come with many of the same choices as the conforming or FHA loans you’re already familiar with. You can choose loan term lengths of 15 or 30 years and fixed or adjustable interest rates. These programs can be tailored for lower payments or building equity at a faster rate.

Both options affect your monthly payment amount depending on what your goals are for paying the mortgage. If you want to pay off your jumbo mortgage as quickly as possible, choosing a 15-year term will get the job done more rapidly.

If you have had credit challenges in the past or have difficulty documenting your income due to self-employment earnings or investment income there are programs available from private lenders that can get you qualified.

Is keeping your costs down an important goal for your jumbo mortgage? There are programs available for jumbo mortgages up to two million dollars with fixed or adjustable interest rates and 30-year term lengths. Combining a low, adjustable rate mortgage with a 30-year term on a program that allows Loan to Value ratios up to 90% can provide you the affordability that you’re looking for.

In the past many lenders required down payments as high as 30, even 50 percent. Today you can find private lenders with programs that only require five percent borrower contribution. These programs offer maximum loan to value ratios of up to 90 percent on FICO scores as low as 700.

Are there too many options for you to consider? Contact one of our mortgage specialists today for help choosing the right program and options to purchase the home of your dreams.

How do I Qualify for a Jumbo Mortgage?

In general, you will need to demonstrate sufficient income from employment or other sources to prove that you can repay the note. This is usually done with pay stubs or w-2s. If you are self-employed and have trouble documenting your income you could benefit from a stated income or bank statement program.

Jumbo mortgage loans are generally intended for borrowers who have high income but not a lot of assets. The most important qualifier is having sufficient income to demonstrate your ability to repay the loan. You can learn more about qualifying for a jumbo mortgage limit by contacting one of our licensed loan specialists today.