Are you looking for a mansion, villa, or high-priced property? Typical mortgage loans will not be sufficient to finance such properties. You need a fixed Jumbo loan for the high-priced property.
What Is A Jumbo Loan?
How A Particular Loan Amount Termed A Jumbo Loan?
Advantages Of The Fixed Jumbo Loan Program
Following are the advantages of getting a fixed jumbo loan program:
Since a 30-year fixed Jumbo loan comes under a non-conforming loan as it exceeds Fannie Mae’s and Freddie Mac’s limits. Therefore, the Jumbo loan borrowers do not need to meet the set standards to qualify for the Loan program. Lenders charge their guidelines which the borrowers must follow for loan approval. Some of the basic requirements for a fixed jumbo loan program are as follows:
A Good Credit Score Is A Basic Requirement
Government Relaxation On Property Types
Cash Reserves Are A Must
A Low Debt-To-Income (DTI) Ratio Is Necessary
Since jumbo loan lenders have a free hand to set rules and restrictions, it’s preferable to shop around to choose the best 30-year fixed jumbo loan program that fulfills your requirements. Some lenders ask for PMI for a down payment under 20%. However, it’s not always the case; some lenders offer no PMI over down payments ranging from 10-20%. So, choose wisely and according to your financial requirements and capability.