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Jumbo Loan Rates

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Jumbo Loan Rates

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 $484,350 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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Are you shopping for a new home or refinancing your existing mortgage more than half a million dollars? If so you’re probably familiar with jumbo loan rates. In 2018, the limits on conforming home loans are $453,100 for most of the United States and $636,150 in designated high cost areas. If your home is over this limit you’re probably in need of a jumbo mortgage loan.

What are Jumbo Loan Rates

Traditional mortgage loans are purchased by the government entities to free up lender capital for more loans. In order for Fannie Mae or Freddie Mac to do this loans must meet all guidelines set by the Federal Housing Finance Agency, similar to the FHA. These guidelines include strict limits on property values. 

If you’re in need of a loan that does not conform to Fannie Mae and Freddie Mac guidelines the cost is going to be higher because there is more risk for the lenders. Because Fannie and Freddie don’t purchase these loans they are often just carried on lenders books.

Why are Jumbo Loan Rates Higher Than Conforming Loans

Lender risk is mitigated by cost. The more risk you are as a borrower, the more you’re going to pay in rates and fees. How much more depends on the market.

In recent years, the market has opened with a variety of small “boutique” lenders. These private lenders are not restricted by Fannie Mae and Freddie Mac guidelines and are free to set many of their own mortgage program terms. At the height of the financial crisis jumbo loans were priced as much as two points higher; however, in recent years this gap has narrowed significantly.

If you’re willing to do the legwork you can find programs from private lenders priced very similarly to conforming home loans simply by shopping around.

How to Qualify for a Jumbo Interest Rates

The process of getting approved for your dream home can be daunting no matter how much you need to borrow. Compounded with the sticker shock that comes from finding a home priced well over half a million dollars, this can be overwhelming for anyone regardless of your financial background.

If you need help finding the right jumbo loan interest rates for purchasing or refinancing your home our loan specialists are standing by to help you with exciting loan programs you find at your bank. Jumbo interest rates are always changing and our loan specialists can help you find the right program from the best lender for your needs.

Assuming that your financial house is in order before applying for a jumbo home loan the most important aspect of your application is demonstrating that you have sufficient income to repay the loan. This is typically done with pay stubs and W-2s. If you have trouble documenting income due to self-employment or investment income there are stated income and bank statement programs that can get you approved.

These programs offer loans up to two million dollars with FICO scores as low as 620. You can qualify based on your middle credit score and get approval for non-owner occupied homes. 

You can even pay 100% of your down payment and closing costs using gift funds. There are also programs for non-residents and aliens to purchase homes.

Jumbo Loan Rate Options

You’ll find the options available for your jumbo home loan are very like conforming home loans. You can choose jumbo rates that are fixed or adjustable and term lengths of 15 to 30 years. Depending on your monthly payment needs and goals for paying off the home loan you can easily find the right balance or low payments versus building equity and paying off the loan more quickly.

Are you ready to get started finding the right jumbo loan rates in Florida to purchase or refinance your existing home? Contact one of our dedicated loan specialists today for personalized help finding the right program for your needs.

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