Mortgage Aurora

Jumbo Loans

Jumbo Loan Naperville

A jumbo mortgage is a home loan with an amount that exceeds conforming loan limits imposed by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy mortgages from lenders. The current conforming loan limit for a single-family home is $417,000 for all states except for Hawaii and Alaska, where it is $625,500. The down payment for a jumbo loans is typically 20%, but can vary based on loan amount. The interest rate for jumbo loans used to exceed their lower conforming counterparts, but recently that trend has reversed and rates are very attractive. There are a variety of fixed-rate and adjustable-rate loan options. If you’re looking for a jumbo loan you need a consultant with experience and expertise in this area. Contact me today so I can walk you through the process and lock in the best rate for you.

Below I've listed a few key points of jumbo loans:

Features
  • A “non-conforming” loan with mortgage amounts above the maximum conforming loan limits.
  • Available in a variety of fixed-rate and adjustable-rate loan options.
  • You may be able to add extra mortgage features, such as temporary buydowns.
Benefits
  • You can obtain financing for loan amounts up to $2 million.
  • Provides the convenience of one loan for the entire loan amount and the choice of a variety of loan options.
Considerations
  • Interest rates vary compared to conforming loans with lower loan amounts.
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