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Jumbo Mortgages

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Jumbo Mortgage

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 $548,250 are considered jumbo. At RK Mortgage Group we offer some of the most versatile jumbo loan programs in the industry. In addition to the conventional jumbo mortgages, we provide solutions beyond traditional banking, offering a range of specialty products to help borrowers who do not fit traditional guidelines.

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Are you shopping for a jumbo home loan after suffering from sticker shock upon finding the home of your dreams? Shopping for a new home loan can be a daunting task regardless of the amount. Here are several tips to help get you on the right track finding the lowest jumbo mortgage rates. 

What Makes Jumbo Mortgage Rates Different Today?

Jumbo home loans aren’t that much different from the conventional home loan you are already familiar with. The main difference comes from the value of the property you are purchasing. 

The Federal Housing Finance Agency sets limits for conforming home loans. These limits are enforced by Fannie Mae and Freddie Mac. Fannie and Freddie are quasi-government agencies tasked with keeping mortgage lending liquid to promote home-ownership. They do this by purchasing loans that meet FHFA or FHA guidelines to free up money for more people to buy homes. 

Sounds great right? The problem is that if your loan doesn’t meet the guidelines for Fannie Mae and Freddie Mac it can be very difficult to know who to turn to for a loan. 

Is your head swimming from all this talk of conforming guideline limits? Contact one of our dedicated loan specialists today for personalized help finding the right program to get your jumbo mortgage application approved. There are exciting new programs available for FICO credit scores as low as 620 on loans up to two million dollars!

So, what are these conforming loan limits enforced by Fannie Mae and Freddie Mac? In 2021, the limit for most of the United States is $548,250 In certain high costs areas there are exceptions to this limit which go up to $765,600.

If the home you are purchasing is over these limits most banks and many lenders won’t touch your application for a home loan because the government won’t back the loan.

How to Get Approved for a Jumbo Mortgage

Getting approved for a jumbo home loan isn’t much different from getting approved for a traditional mortgage. The difference is you’re shopping from a class of lenders that aren’t restricted by the guidelines set by Fannie Mae and Freddie Mac. These private lenders are free to set many of their own program requirements and current jumbo mortgage rates are very close to conforming rates.

The options you’ll find when shopping for a jumbo home loan are also very similar. You’ll find 30 year jumbo mortgage rates, 15 year term lengths and even a choice of adjustable interest rates. Many homeowners opt for 30 year fixed jumbo mortgage rates for a predictable payment that won’t change over time. If you need the lowest payment possible there are adjustable rate options that include fixed periods ranging from three to ten years.

Aside from the options you choose the most important aspect of getting your application approved is being to demonstrate sufficient income and ability to repay the loan. For many lenders this includes a maxim debt to income ratio of 43 percent.

You will be required to demonstrate sufficient income which is usually accomplished with pay stubs or 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 your application approved.

Your down payment is another important aspect of your application and there are programs that offer minimum borrower contributions as low as five percent.

Are you ready to get started financing the home purchase of your dreams? Contact one of our loan specialists today for the personalized assistance finding the right cost saving program for your jumbo mortgage needs.