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. 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.
We offer one of the industries lowest rates.
Upload loan documents and e-sign mortgage forms online.
Your dedicated Loan Specialist will be your guide from application to closing.
We’ll help you close quickly, so you can get the keys to your new home in no time.
Davie, FL 33314
Palm Beach Gardens, 33418
Davie, FL 33314
Sunny Isles Beach, 33160
Thanks to RK we own our lovely house! I heard nightmare stories about buying homes and loan companies but this was not one of those cases. Our mortgage process went very smoothly and we were able to close as scheduled. The whole team was very attentive and trustworthy, they guided us through the process. I am glad we have chosen RK Mortgage Group.
Working with RK Mortgage Group was a great experience. The opportunity to lower my interest rate and incorporate an escrow account in my loan has been very beneficial to me. I have wanted this type of loan for years but never before given the chance to do so. I would recommend RK to anyone, Thank you, guys!
I’m not one who provides reviews but for this company I’m really happy to do so. I have refinanced 3 times over the last few years. And it was the best experience by far! Excellent rates, no junk fees and great loan terms. RK Mortgage Group went above and beyond my expectations!
It was a great pleasure to work with RK Mortgage Group from initial call to closing. Within minutes after filling the application, I received a call from Joelle. She was very professional and courteous. She was quick to respond any my questions (even after standard business hours). Loan was closed on time. Thank you for getting it done!
Outstanding service by a pro-active group of men! RK has made my mortgage experience better than I could have expected. Even when I thought things were not going so well for me, they assured me that they were working tirelessly to get things done. Thanks so much for helping me to make this happen!
Highly professional service. Andres was fast and efficient. The entire application process handled by email and online, which was very convenient for me. Thank you all for your time and excellent customer service!
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.
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 2018, the limit for most of the United States is $484,350. In certain high costs areas there are exceptions to this limit which go up to $726,525.
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.
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.
Licensed in California - Colorado - Florida - New Jersey