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Jumbo Loans

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What is a Jumbo Loan?

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 limit is $424,100 in most parts of the United States, but can increase to $625,500 in the highest-cost areas. So if you have a loan with a balance above $424,100 you most likely have a Jumbo loan.

At BrightPath we offer very competitive Jumbo rates and also offer the High Balance Loans. If you think you may be in a High Balance area please contact a mortgage specialist today to discuss your options.

When you are considering various types of mortgages, one option is what's called a "jumbo" mortgage loan. 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.

In some parts of the country where real estate prices are high, you may need a jumbo mortgage to finance the purchase of your home. In most parts of the United States, the limits for using more conventional loan products is $24,100; in some areas, this is as high as $625,500. This means that if you want to finance a real estate purchase greater than those amounts, your loan will most likely be a jumbo mortgage loan.

Qualifying for a Jumbo Mortgage

The process of getting a jumbo mortgage is very similar to the underwriting steps involved for traditional mortgage products. However, jumbo mortgages are not backed by the federal agencies that back most conventional mortgages. That means lenders assume more risk, so the credit requirements, proof of income and debt-to-income ratio needed to qualify for a jumbo mortgage are usually more strict than what you might need to qualify for a conventional mortgage loan. One notable difference is that sometimes jumbo mortgages require two property appraisals, not just one. 

The amount you will need to put down as a down payment for a jumbo mortgage may also be higher than what you would have to put down for a traditional mortgage.

Choose BrightPath for Jumbo Mortgage Loans

At BrightPath we offer very competitive jumbo mortgage rates. In fact, in some cases, the APR for a jumbo mortgage may actually be lower than for a conventional mortgage! We are proud to offer high balance loans, and we are committed to making the process of obtaining your mortgage as easy as possible. If you think you may be in an area where you will need a high balance loan, please contact a mortgage specialist today to discuss your options.

Still, have questions about the jumbo loan? Find out more: Click Here!

If you would like to explore Jumbo mortgages or other mortgage products available from Brightpath, please call us at 888-222-6003, or complete our simple form below. One of our experienced mortgage specialists will contact you.

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