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There are times traditional loans aren’t enough to purchase the home you really want. Jumbo Loans are similar to Conventional Loans in that they are not insured by the government or guaranteed by the Veterans Administration.
A Jumbo Loan is a mortgage that exceeds the conforming loan limits of Fannie Mae and Freddie Mac. In every parish of Louisiana, that is $484,350 for a single-family home or condominium. In some high-cost areas, that won’t suit your needs.
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Jumbo Loan Requirements
Because of their size, Jumbo Loans can typically have more stringent standards for qualifications. These can include:
- Down payment – Lenders often require between 15 and 30 percent for Jumbo Loans.
- Appraisals – Some lenders may even require a second appraisal of the home you are planning to purchase with a Jumbo Loan.
- Higher credit rating – You will generally need a higher credit score and lenders will investigate your reserve funds and debit-to-income ratio. It’s not unheard of for lenders to request Jumbo Loan borrowers to show they have the cash reserves to cover a year of mortgage payments.
Don’t be afraid to dream big!
Castille Mortgage can help you achieve those big dreams for your home. If you have the means to achieve those dreams, a Jumbo Loan may be the right solution.
Getting a jumbo mortgage is easier than you might think, and we have built many relationships in the lending industry that are beneficial for our clients.
Speak with our loan expert from Castille Mortgage today.
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Castille Mortgage can help make your dreams a reality
If your dream house exceeds those limits, you’ll need the financing to match, and Jumbo Loans are the solution. These are also known as non-conforming loans and Super Jumbo mortgages. Jumbo Loans can offer the flexibility of borrowing with fewer restrictions.
Jumbo Loans are available for primary residences, vacation homes or investment residence properties. The main difference between a jumbo mortgage and a conforming loan is the size of the loan.
Contact Castille Mortgage today and take the first step toward that dream home!