Jumbo Loan and Super Jumbo Loans
The Jumbo loan is for borrowers that are looking to finance the purchase of a property that exceeds the $417,000 (In most areas) maximum imposed by Fannie Mae and Freddie Mac. This type of loan is similar to traditional mortgages but due to the increased risk to the lender can be difficult to finance and once a lender is found, usually carry a higher interest rate.
With Pinnacle’s years of experience in assisting established professionals, and Pinnacle Lending Services specialized financing options, you can rest assured that your home financing needs are taken care of.
Benefits of a Jumbo Loan
- Allows the borrower to access to larger loan amounts for expensive properties or the construction of a dream home.
- No need to break up your borrowing needs across two loans.
- No need to access savings for large down payments.
- Jumbo loans are flexible in terms. You could have access to a 30-year fixed rate or adjustable rate terms.
Is a Jumbo Loan right for me?
If the property you are looking to purchase is over $417,000.00 (In more expensive markets, the minimum amount requirements for a Jumbo loan increase.) then a Jumbo Loan is what you will need to obtain. Examine your finances closely and begin the process of locating a lender only when you are confident the larger repayment schedule will not be overwhelming.
Am I Eligible?
- Must have a low debt-to-income ratio
- Debt should not exceed 28% of pre-tax income including Jumbo loan
- Must be able to provide proof of income. (Typically two years)
- At least a credit score of 720
- Must have 20%-30% for down payment
- Property type must meet individual lenders qualifications