Who benefits from a Jumbo Loan?
Higher credit score applicants – Jumbo loans because of the risk, generally require a higher FICO credit score than conforming loans. Usually this is a score of 700 or slightly higher. So those who have excellent credit, may be great candidates for a jumbo loan.
More upfront cash – Unlike more traditional loans, jumbo loans require more cash down. This is usually at least 20 percent down. For those who have the immediate cash on hand, jumbo loans work well.
Those seeking flexibility – Because jumbo loans come in different amounts, this provides people more flexible options. For example, borrowers can get a 30-year fixed rate jumbo loan or an adjustable rate mortgage.
We offer many types of loan programs from FHA Loans, Fixed Rate Loans, ARM loans and VA Loans.
To learn about all of our mortgage loan programs, click here.