Jumbo Mortgage Loans
What Is a Jumbo Loan?
*2020 Update Jumbo Loan Limits Increase to $510,400. A Jumbo loan is any home loan that exceeds a specific loan amount called the conforming loan limit for each state. Currently, the conforming loan limit for a single-family home in Texas is $484,350 effective January 1, 2019. A jumbo, or non-conforming, loan provides financing for loan amounts higher than the maximum conforming limits set by Fannie Mae and Freddie Mac. It may be a good choice if you have a higher property value and can manage larger monthly mortgage payments. Jumbo loans are available for purchase and refinance loans including cash-out refinance options.
What Makes Jumbo Loans Unique?
Jumbo loans differ from conforming loans in several ways. First, they offer a larger amount of financing than a conforming loan. With this larger loan amount typically comes a variety of rate options.
Am I Eligible for a Jumbo Loan?
The same factors examined when applying for any home loan are looked at when applying for a Jumbo loan. However, qualifying for a Jumbo loan typically requires higher credit scores, lower debt-to-income ratios, higher reserves, and larger down payments than qualifying for a standard conforming home loan.
What Are the Benefits of a Jumbo Loan?
There are number of benefits Jumbo loans offer when compared to other methods for financing more expensive homes.
Benefits include:
- Financing available over $1,000,000
- The convenience of one loan for the entire term instead of having multiple mortgages or higher down payments
- Competitive rates through different jumbo rate programs
- Fixed and adjustable rate mortgage options available
- Higher mortgage loan financing
- Mortgage broker rates lower than banks
At Texas Premier Mortgage, our Jumbo loans make it easier than ever for homebuyers to purchase or refinance. We have a variety of Jumbo Mortgage options to review with you. As a mortgage broker we have the best jumbo rates and jumbo mortgage options for you to review!
How Do I Get Started?
For more information about Jumbo loans, their benefits and loan options and how it may apply to you, please contact us direct at 281-627-4222 or submit the quick quote form on this page.
