Jumbo Loans – For the home with a bigger loan amount

  • Jumbo loans are discussed with the buyer when a buyer’s total down payment does not put the total finance value at less than the county loan maximum: $417,000 or $625,500 depending on a home's location. The loan maximums vary by county. An 1,800-square-foot home in one county could be valued at a higher amount than another due to the surrounding real estate market. You shouldn’t necessarily be turned away from a home because of a high asking price – especially if you meet conventional loan qualifications. It’s also important to understand that jumbo loans are not strictly limited to multi-level homes. 

Strict lending requirements on jumbo loans

Part of the standard application process on any loan is to verify credit history, income and employment information. Jumbo loans have stricter requirements simply due to the high-risk nature of the loan. When financing any home loan, it’s important to remember a private lender, like BBMC Mortgage, must follow both federal and internal lending guidelines. Credit history, credit score, income and employment will be closely analyzed by our team of BBMC Bankers. This helps ensure that you’re able to find the proper jumbo loan product for the home you intend to purchase. 

CALL 1-800-24-RATES TO SPEAK TO A JUMBO LOAN SPECIALIST AT BBMC TODAY!

Jumbo Loans vs. Conventional Loans

Applying for a jumbo loan can be intentional, or inadvertent after applying for a different lending product. If you're going for a home that far exceeds the loan maximum - $417,000 and $625,500 on a per-county basis - then ask a Banker for a jumbo loan application. If, however, you plan to buy a conventional fixed-rate or VA loan, and your total down payment does not reduce the principle finance amount below the loan limit, then your loan will automatically become a jumbo mortgage. Either way, homes with higher real estate value are covered by BBMC Mortgage!

Call or click for more information on Jumbo Loans

Our team at BBMC Mortgage is ready to help answer any questions you have about Jumbo Loans, the requirements for the loan or what other options exist to help you land that dream home. We’re more than ready to help you achieve your unique housing needs.

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