JUMBO LOAN PROGRAM
Fannie Mae and Freddie Mac put conforming limitations on conventional loans. A jumbo loan program is anything higher than those limits. If your home has a high property value, you will want to consider a jumbo loan. They are offered through non-private lending companies, they
usually have low rates, and as with conventional loan programs, they can be negotiated down.
Contact Capital Source Financial today to learn more and apply for a jumbo loan program in Pasadena. Our seasoned agents will guide you through the specifics of a jumbo loan and let you know if it’s right for you or not. If it is, we will help you navigate the application and approval process, and once the lending company makes an offer, we will help you negotiate it down to the absolute lowest rates possible for your
Call (866) 303-7050 or click buton below to get you started now.
Similarities between jumbo loans and conventional loans
Both made for Pasadena buyers with excellent credit. In general, a credit score of 700 or higher is required for a jumbo loan, though this number is not firm. If you have better-than-average financial strength, you may be able to get by with less than that.
Both fixed rate or adjustable. As with conventional loans, your particular offer may have a fixed or
adjustable rate. You will receive an offer for one or the other, though you do have the option to negotiate for your preferred type.
Differences between jumbo loans and conventional loans
- High property values need jumbo loans. In most areas of the country, if your property is valued at over $417,000, you will need to opt for a jumbo loan. This is because of the limitations set by the private companies Fannie Mae and Freddie Mac.
- Jumbo loans tend to require higher down payments. Whereas some homeowners can get as low as 3% down payment with a conventional loan program, jumbo loans are between 10% and 20%, usually more towards 20% unless you submit a particularly attractive loan application.
- Jumbo loans tend to require a better financial background. It makes sense – the loan is for a higher amount. You will usually have to submit a 20% reserve on the total loan amount and a debt-to-income ratio of 45% or less (meaning that 45% or less of your monthly earnings go to other outstanding debt).
- Jumbo loans use one monthly payment instead of two.
Get Started on Your Pasadena Jumbo Loan
If the value of your property is greater than $417,000 and your credit score is good to excellent, a jumbo loan in Pasadena is the first type of loan program you want to look at.
See if you qualify by calling (866) 303-7050 or clicking here and filling out a short form. Our experienced agents will review your application and get back to you with a firm answer. If you qualify for a jumbo loan, we will guide you through the process and answer any questions you have. If you are more suited for a different type of loan program, we will tell you which one and why, then help you with the necessary steps to apply and secure that particular type of loan for your new home.
Click buton below or call (866) 303-7050 to get started now.