JUMBO LOAN
Big dreams mean big loans, and a Jumbo loan can get you there.
What is a Jumbo Loan?
When the home of your dreams is in an extremely desirable, higher priced real estate market, or your growing family demands a larger home, a Jumbo loan may be right for you. The exclusive community, the premium county, or the upgraded house to fit your growing family are all hallmarks of a Jumbo loan.
Jumbo loans are also considered non-conforming loans because they exceed the conforming loan limit of $417,000. Some counties may vary in conforming loan limits, so our experienced advisors will help you decide if your loan amount fits into the limits, or if this loan is the right option for you.
Interest rates on these loans tend to be higher, due to the increased risk associated with larger loan amounts, and because the loans cannot be sold to Freddie Mac or Fannie Mae on the secondary market. Some borrowers may choose to pay a larger down payment to get their loan size below the conforming limit. Other borrowers are comfortable paying a higher monthly payment instead of putting the additional money down. For these borrowers with higher monthly income but less available savings, this loan is the perfect solution.
RATES
These loans are available in a variety of fixed and adjustable rate terms
REQUIREMENTS
These loans tend to have higher down payment and cash reserve requirements
LIMITS
For loans above the conforming loan limit up to $5 million
We’re here to help.
Our loan advisors at American Pacific Mortgage can help you determine if your loan amount falls outside of the conforming limits. While piggyback second mortgages and larger down payments could bring your loan amount down to conforming limits, you may choose to utilize a Jumbo loan instead. We will help you understand your options so you can decide which loan will best fit your needs.
Frequently Asked Questions
Q: Can you buy a home before selling your current one?
Yes, many homeowners can buy a new home before selling their current one by using equity, bridge loans, or other financing options. The right approach depends on your financial situation and goals.
Q: What is a bridge loan and how does it work?
A bridge loan is a short-term loan that helps cover the gap between buying a new home and selling your existing one. It allows you to access your home’s equity to fund your next purchase.
Q: How do I qualify to buy before I sell?
Qualification depends on factors like your income, credit, and how much equity you have in your current home. A lender can help you review your options and determine what’s possible.