What is a Jumbo Home Loan?
Do you need to take out a large loan to cover the cost of your dream home, vacation house or investment property? vLoan has you covered! The Jumbo loan is designed to finance your purchase above the conforming loan limits (that’s $417K).
How do I get a Jumbo home loan?
A Jumbo loan is your one-stop shop for loans above the conforming loan limits established by Freddie Mac and Fannie Mae. What does this mean? If you need to take out a loan over $417,000, you will need to take out a Jumbo loan. But, you have options. You can get a Jumbo as a fixed- or adjustable-rate mortgage. Please contact a mortgage advisor today at 1-844-77-vLoan to learn about where vLoan offers this program.
Benefits of the Jumbo Home Loan:
Used to finance high-value properties.
Rates for Jumbo loans are currently at historic lows.
You may use a Jumbo home loan for your primary home, a vacation home or an investment property.
Let’s dig a little deeper – who is eligible for the Jumbo home loan:
If you have your eyes on your dream home and won’t settle for less, here are a couple things you should know to see if you’re the type of person who should take out a Jumbo loan:
- You can afford the higher rates and monthly payment as compared to conventional loans.
- You cannot finance your home with one conventional loan because the loan amount is over $417,000.
- You don’t want to take out multiple loans to finance your home.
- You are buying a primary home, vacation home or investment property.
- You are able to provide us documentation of your income.
- Still not sure if you qualify? Call a mortgage advisor today at 1-844-77-vLoan to help match you up with your perfect fit.
Requirements and facts for the Jumbo home loan:
- Price limits may be different for multi-unit properties.
- You can prepay your mortgage without penalties.
- Rates are often higher for Jumbo loans than conventional mortgages.
The nitty-gritty about the Jumbo home loan:
- Jumbo loans allow you to get one loan for the entire mortgage amount. No need to organize multiple monthly principal and interest payments.
- You can finance loan amounts higher than the Fannie Mae and Freddie Mac conforming limits.
- Choose from fixed- or adjustable-rate loan options.
- Build equity on your property in order to refinance it later.