When the home of your dreams is in an extremely desirable higher-priced real estate market, or your growing family demands a larger home, a Jumbo loan may be right for you.
Jumbo loans are also considered non-conforming loans because they exceed the conforming loan limit of $417,000. Some counties may vary in conforming loan limits, so our experienced advisors will help you decide if your loan amount fits into the limits, or if a Jumbo loan is a right option for you.
Interest rates on Jumbo loans tend to be higher, due to the increased risk associated with larger loan amounts, and because the loans cannot be sold to Freddie Mac or Fannie Mae on the secondary market. Some borrowers may choose to pay a larger down payment to get their loan size below the conforming limit. Other borrowers are comfortable paying a higher monthly payment instead of putting the additional money down. For these borrowers with higher monthly income but less available savings, a Jumbo loan is a perfect solution.
What You Need to Know
Jumbo loans are available in a variety of fixed and adjustable-rate terms
Tend to have higher down payment and cash reserve requirements
For loans above the conforming loan limit up to $5 million
The exclusive community, the premium county, or the upgraded house to fit your growing family are all hallmarks of a Jumbo loan.
Our loan advisors at American Pacific Mortgage can help you determine if your loan amount falls outside of the conforming limits. While piggybacking second mortgages and larger down payments could bring your loan amount down to conforming limits, you may choose to utilize a Jumbo loan instead. We will help you understand your options so you can decide which loan will best fit your needs.
*Please visit our Disclosures page for more details for all loan types.
Thomas Nguyen, NMLS #1555493, Loan Consultant, Licensed in CA
2220 Douglas blvd., Ste 220, Roseville CA 95661. Branch NMLS #1299922
Phone: (916) 521-5508 Email: Thomas.Nguyen@apmortgage.com
Licensed by the Dept. of Business Oversight under the California Residential Mortgage Lending Act. Equal Housing Opportunity
©2020 American Pacific Mortgage Corporation. All information contained herein is for informational purposes only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply.