What Is a Jumbo Loan?
A Jumbo loan is any home loan that exceeds a specific loan amount called the conforming loan limit for each state. Currently, the conforming loan limit for a single-family home in Texas is $726,200 effective November 2022.A jumbo, or non-conforming, loan provides financing for loan amounts higher than the maximum conforming limits set by Fannie Mae and Freddie Mac. It may be a good choice if you have a higher property value and can manage larger monthly mortgage payments. Jumbo loans are available for purchase and refinance loans including cash-out refinance options.
What Makes Jumbo Loans Unique?
Jumbo loans differ from conforming loans in several ways. First, they offer a larger amount of financing than a conforming loan. With this larger loan amount typically comes a variety of rate options.
Am I Eligible for a Jumbo Loan?
The same factors examined when applying for any home loan are looked at when applying for a Jumbo loan. However, qualifying for a Jumbo loan typically requires higher credit scores, lower debt-to-income ratios, higher reserves, and larger down payments than qualifying for a standard conforming home loan.
What Are the Benefits of a Jumbo Loan?
There is a number of benefits Jumbo loans offer when compared to other methods for financing more expensive homes.
Benefits include:
- Financing availableover $1,000,000
- The convenience of one loan for the entireterm instead of having multiple mortgages or higher down payments
- Competitive rates through different jumbo rate programs
- Fixed and adjustable rate mortgage options available
- Higher mortgage loan financing
- Mortgage broker rates lower than banks
At Texas Premier Mortgage, our Jumbo loans make it easier than ever for homebuyers to purchase or refinance. We have a variety of Jumbo Mortgage options to review with you. As a mortgage broker we have the best jumbo rates and jumbo mortgage options for you to review!
How Do I Get Started?
For more information about Jumbo loans, their benefits and loan options and how it may apply to you, please contactus direct or submit the“Quick Quote” form on this page.
