Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac Conventional loan limits. In most of the U.S. and Boone County, this limit is $832,750, so any loan amount above that is considered a Jumbo. Rates on jumbo loans are typically higher than conforming loans. Jumbo Home Loans are typically used to buy more expensive homes and high-end custom construction homes. USA Mortgage offers a wide variety of Jumbo loan options including fixed and adjustable rate, and some programs with as little as 10% down for qualified borrowers, where most lenders require 20%.
Advantages of Jumbo Loans
Who Can Benefit?
Clients are looking for high priced properties without the ability to pay cash.
Individuals are buying investment properties or primary resident.
Clients without 20% down for these loans.
Clients are looking to upgrade to bigger homes.
Jumbo Home Loans
Additional Details
USA Mortgage offers a range of fixed and adjustable rate Jumbo Mortgage options. The more financially stable and savvy buyer purchasing a more expensive home could greatly benefit from an adjustable rate Jumbo mortgage. USA Mortgage has many options with intro fixed rates for 3, 5, and even the first seven years.
USA Mortgage Advantage
Offers low origination fees as a lender and no junk fees added.
Offers 90% loan to value financing options.
Can do loans up to $3,000,000.00.
Offers both fixed and adjustable mortgage option.
Apply for a Jumbo Loan
USA Mortgage is a Jumbo Loan lender with local offices throughout Missouri, Arkansas, Illinois, and nearby areas. Here at the Abadi Region, We have all the resources needed to make your dream a reality. If you are ready to move forward with your next home purchase, Contact us to get started. One of our experienced mortgage professionals will guide you every step of the way. Apply now and find out if you qualify for a Jumbo loan.
FAQs about Jumbo Home Loans
In most areas, any loan exceeding the baseline conventional limit of $832,750 is considered a Jumbo loan. However, in designated high-cost areas, you can borrow up to $1,249,125 and still qualify for a Conforming High-Balance loan. Loans above the county limit are classified as jumbo loans, with maximums and qualifying requirements set by individual investors rather than Fannie Mae or Freddie Mac.
Qualifying for a Jumbo loan has various requirements as some of those include higher credit standards, lower debt-to-income ratios, higher income, higher asset amount, etc.
Jumbo home loans require a minimum down payment of 10% of the loan amount.
No, Fannie Mae does not buy jumbo loans. Conventional mortgages are eligible to be purchased, guaranteed, or securitized by Fannie Mae and Freddie Mac, whereas jumbo loans are not.
