Jumbo loans help you borrow money for a higher-end home
If you are in the market for a higher-end, more expensive house, you should know about jumbo loans from HomeTrust Bank. These are typically loans that exceed loan limits for borrowing set by Fannie Mae and Freddie Mac.
Requirements for a Jumbo Loan
- You need to borrow over $510,400 for a single-family home.
- Loans are also available for second or vacation homes.
- Up to 90% financing of the appraised value of your home is available.
Jumbo mortgages are available for primary homes, as well as a second home or vacation home. You can receive these loans with fixed rate or adjustable rate terms.
Fixed rate jumbo loans are best for borrowers who intend to keep their home for several years.
Adjustable rate jumbo loans allow you to make lower payments with lower rates early on in the loan term. They begin with a fixed rate; once that fixed rate period is over, the loan may fluctuate at the same rate as an index detailed in the closing documents. These types of loans are best for people who plan to move before their fixed rate period ends. They are also good if you are expecting an increase in income.
Considerations for a Jumbo Loan
- Borrowers need very good credit to get a jumbo loan.
- The appraisal on the property must support both the purchase price and the mortgage requested.
- Borrowers need have a debt-to-income ratio for jumbo refinance loans that meets our lending criteria. Working with a HomeTrust Bank lender will help you determine if you meet these criteria.
Let our mortgage experts help you get pre-approved now!