Jumbo Financing Solutions
Jumbo loans in North Carolina & South Carolina – (910) 256-8999
To understand the basics of jumbo loans, first you should understand loan limits.
The Federal Housing and Finance Agency (FHFA) sets the maximum conforming loan limits for mortgages which can be acquired by Freddie Mac and Fannie Mae. Loan limits can vary by the number of units the home has. For example, a duplex will typically have a larger loan limit than a single-family home, a triplex will typically have a higher limit than a duplex, and so on. Loan limits also vary by location. If a home is priced above the conforming limit for the area it’s in, jumbo financing may be used to purchase or refinance the home.
As an alternative to jumbo financing, some home buyers choose to make a larger down payment in order to reduce the loan size and therefore ensure that it qualifies for a traditional conforming loan. This may not be feasible for some borrowers, which makes the jumbo loan ideal for buyers who may not have as much cash saved up, or those whose investment assets are illiquid.
Please give us a call to learn more about our jumbo loan offerings and to see if one would make sense for your scenario: (910) 256-8999.
Why Consider a Jumbo Loan?
- May be the most affordable way to finance a home priced beyond conforming limits.
- 30 year fixed rate terms available, allowing for lower, predictable payments.
- Interest rates on jumbo loans aren’t necessarily higher than those on conforming loans; the jumbo market is competitive, which incentivizes lenders to keep their rates competitive as well.
- Fixed and adjustable rate options
- Fixed interest rates will never increase
- ARMs may offer lower introductory rates for set periods of time
- May have lower interest rates than offered through hard money sources
- May be a good option for borrowers with at least 20% to put down
- Can be used to refinance a mortgage into a lower interest rate