A jumbo loan is designed for buyers who wish to purchase a home that needs a loan exceeding the amount set by the Federal Housing Finance Agency. The loan in question could be half a million dollars or more. Often, jumbo loans are used to purchase luxury or vacation properties in high-end real estate markets. Because of the amounts and risks involved, jumbo loans are not guaranteed by the usual lending agencies.
Throughout most of the United States, the limit on a jumbo loan is $453,100. Borrowers who may be eligible for a jumbo loan are those who have incomes between $250,000 to $500,000 per year, a low debt-to-income ratio, and excellent credit histories and reports. While jumbo loans are not for every buyer, they can help qualified buyers purchase a property that can be a good investment as it builds equity.
If you are interested in a high-end property and would like to learn more about jumbo loans, please call Simplify Home Loans LLC at 888-690-1744 today. Our team will be happy to tell you more and explain the application process to you. And of course, remember that no matter the size of your loan, our team will be with you every step of the way.