What is a Jumbo Mortgage?
A jumbo mortgage is a home loan with an amount that exceeds conforming loan limits imposed by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy mortgages from lenders. The limit is $453,100 in most parts of the United States, but can increase to $625,500 in the highest-cost areas. So if you have a loan with a balance above $453,100 you most likely have a jumbo mortgage.
At BrightPath we offer very competitive jumbo rates and also offer the high balance loans. If you think you may be in a high balance area please contact a mortgage specialist today to discuss your options.
Qualifying for a Jumbo Mortgage
The process of getting a jumbo mortgage is very similar to the underwriting steps involved for traditional mortgage products. However, jumbo mortgages are not backed by the federal agencies that back most conventional mortgages. That means lenders assume more risk, so the credit requirements, proof of income, and debt-to-income ratio needed to qualify for a jumbo mortgage are usually more strict than what you might need to qualify for a conventional mortgage loan. One notable difference is that sometimes jumbo mortgages require two property appraisals, not just one.
The amount you will need to put down as a down payment for a jumbo mortgage may also be higher than what you would have to put down for a traditional mortgage.
Choose BrightPath for Jumbo Mortgage Loans
At BrightPath we offer very competitive jumbo mortgage rates. In fact, in some cases, the APR for a jumbo mortgage may actually be lower than for a conventional mortgage! We are proud to offer high balance loans, and we are committed to making the process of obtaining your mortgage as easy as possible.
Still have questions about jumbo mortgages? Find out what you need to know about jumbo loans.
If you would like to explore jumbo mortgages or other mortgage products available from BrightPath, please call us at 888-222-6003, or complete our simple form below. One of our experienced mortgage specialists will contact you.