Jumbo Loans

The Jumbo loans, also called non-conforming loans, are mortgages with loan amounts greater than the conforming loan limit. The current conforming loan limit is $726,200. Jumbo loans can be fixed rate mortgages, or adjustable rate mortgages. Our specialist at Dream home mortgage banker can help you choose a program depending on your needs. Dream Home Mortgage understands that some borrowers require loan amounts that exceed the conforming loan limit. For these individuals, jumbo or non-conforming loans offer a solution.

Understanding Jumbo Loans

Mortgages with loan amounts greater than the limits established by government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac are known as jumbo loans. The current maximum amount for a conforming loan is $726,200. (subject to change based on market conditions). Loan amounts are the key determinant of whether a loan is considered jumbo or conforming. Jumbo loans allow borrowers to access funding over the restrictions set by the GSEs, whereas conforming loans do not.

Features of Jumbo Loans

Loan Amounts:

High-value homes may be financed with the help of jumbo loans.

Down Payment Requirements

The down payment for a jumbo loan is often more than a conforming loan’s. Several variables, including but not limited to loan size, credit history, and kind of property, affect the actual percentage. The experts at Dream Home Mortgage can help consumers understand the specifics of their jumbo loan’s down payment requirements.

Credit Score and Qualification Criteria:

Compared to conventional loans, jumbo loans often have higher minimum credit scores and income requirements. When determining whether or not a borrower can repay a loan, lenders may place stricter requirements on things like credit score, debt-to-income ratio, and supporting paperwork.

Interest Rates:

The additional risk associated with jumbo loans makes interest rates higher than those for conforming loans. On the other hand, Dream Home Mortgage works hard to provide affordable rates and conditions for its customers.

Loan Terms:

Common loan terms for jumbo loans include 15 and 30-year fixed rates, as well as adjustable rates. Borrowers can choose a repayment schedule that suits their budget and long-term ambitions.

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Fixed Rate Jumbo Loans

Borrowers benefit from the predictability of a fixed interest rate with fixed-rate jumbo loans. Fixed-rate jumbo loans are available from Dream Home Mortgage for durations between 15 and 30 years. Borrowers may plan with assurance knowing their monthly mortgage payment won’t vary with a fixed rate. In addition, borrowers who favor a stable monthly payment and want to prevent interest rate changes should strongly consider applying for a fixed-rate jumbo loan. Homeowners who want to remain in their homes for a lengthy period and appreciate the stability of a regular monthly payment often choose these types of loans.

Adjust rate jumbo laons

Jumbo ARMs, or jumbo adjustable-rate mortgages, provide borrowers with a fixed-rate period upfront followed by an adjustable rate for the duration of the loan term. Borrowers are guaranteed a stable monthly payment during an introductory fixed-rate term that typically lasts three to ten years. Following an introductory period, the interest rate will fluctuate frequently to reflect changes in the market. Experts at Dream Home Mortgage can help consumers choose the best jumbo adjustable-rate mortgage (ARM) for their needs and comfort level with financial risk.