WHAT IS A JUMBO LOAN?
Jumbo loans are used to finance homes with loans exceeding the loan limits set by Government Sponsored Entities (GSEs). It is suitable for borrowers who want to buy luxury homes or refinance existing large mortgages. Jumbo loans allow you to have larger loans at a lower rate because it does not conform to the requirements set by Fannie Mae and Freddie Mac.
ELIGIBILITY
You may be eligible to qualify for a jumbo loan if you can meet these requirements:
- Have a decent credit score (680 and above)
- Have a low debt-to-income (DTI) ratio (under 40% at least)
BENEFITS
- Jumbo loans can assist you in borrowing the money needed to purchase pricier properties.
- You can choose from a variety of different loan programs that may give you flexibility on your loan terms.
- You can borrow the full amount of money from one loan instead of having to break it up into two different loans for buying a higher-priced home. This may allow you to have better interest rates.
One thing to keep in mind: these loans will naturally come with higher interest rates. To qualify, good credit history is essential, so double-check all credit reports for any potential inaccuracies. In general, being accepted for a jumbo loan is difficult, so you must also be able to prove that your income is high enough to be able to afford monthly mortgage payments.
Feel free to Contact CostPro Lending Team today for any inquiries about jumbo loans!
Fannie Mae® is a registered trademark of Fannie Mae.
Freddie Mac® is a registered trademark of Freddie Mae.
Disclaimer:
This communication is for informational purposes only, this is not a commitment to
lend. Individual buyer's financial circumstances may be different and may result in
different interest rates, costs, and payments. All programs are subject to change or
cancellation at any time and without notice. Please consult your licensed Loan Originator to
learn more about mortgage products, your eligibility, and ask for an official Loan Estimate
before choosing your loan.
Get The Loan You Need
apply nowTESTIMONIALS
We recently had the distinct honor and pleasure to work with Mike Zamani (of CostPro) to refinance our home mortgage. Mike made our journey through today’s finance world a smooth process and actually somewhat easy. He was always available to answer questions, offer explanations promptly, patiently, and competently. Mike’s communication style and even his voice, which is crisp, succinct, yet calming helped us feel we were in very good hands. Beyond Mike himself, his team were also very efficient, competent, and worked with us to assure things happened smoothly. We highly recommend Mike Zamani! A gentleman and scholar indeed, with a great personality to boot!
Thanks again Mike!
The Miller's
It's the day after I closed on my Re-Fi and I still can't believe it! I was contacted by a bank and after looking at my file, they said I needed to get a co-signer! I forgot about doing it until I got a call from Tony. He looked everything over and thought it was doable. They put Tony through the wringer. No matter what we gave them, they wanted more. Finally, they ran out of things to ask us and said YES! If anyone but Tony had called me I would not of had the same result. I will be forever grateful!!
Liz S.To whom it may concern,
this is to confirm that Brian Mays, Lee Garoutte, and their team are
some of the most dedicated people to work with, they went out of the
way and bent over backwards to make sure that my loan went through.
They went over and above to get the task completed. I highly
recommend Brian, Lee, their team to anyone who is trying to get
their loan approved.
Dear Tony Christensen, I just wanted to say thank you for all your help refinancing my home, you were very helpful and explained every detail so that I could understand every step we were doing. Thank you very much for all your help and I am very happy that I chose to refinance with you. I will recommend you to any of my friends that want to refinance. Thank you again for all your help, You Were Great!!!!
Ofelia L.I am very glad to say, when I called Costpro and Michael answered my call. Great personality and experience working with him. I totally recommend working with him.
SiaMike Z at Costpro Lending was a pleasure to work with. We called him on a few issues we wanted answers to and would always get back to us in a timely manner. A couple times we wondered how thing were progressing through the holiday and the next day we received an update from him. Great customer service. We would definitely recommend. Thank you Mike Z…:)
Betty Chow