Financing a large real estate purchase is intimidating, but we make it possible. At MortgageDepot, we take your goals seriously. If you have your sights set on a high-value property in Pennsylvania, we will help you explore Jumbo Loans.
What Is a Jumbo Loan?
A Jumbo Loan is a loan for more money than the current conforming loan limit. The conforming loan limit is the maximum amount of money that Freddie Mac or Fannie Mae will guarantee in their mortgage programs. Conforming loan limits are subject to change yearly, and high-value markets might have a higher limit than average markets.
High-Balance Conventional Mortgages vs. Jumbo Loans
If you want to purchase a high-value piece of real estate in Pennsylvania, you might be in a position to choose between a high-balance conventional mortgage and a Jumbo Loan. A high-balance conventional mortgage is a loan for an amount that approaches the current conforming loan limit.
If you qualify for both types of mortgages, it is worthwhile to investigate each one. Even though Jumbo Loans are considered risky for the lender, sometimes high-balance conventional mortgages have higher down payment requirements and higher interest rates than Jumbo Loan options. MortgageDepot has access to multiple Jumbo Loan programs, giving our clients a better chance of finding one that meets their needs.
Reasons To Consider a Jumbo Loan
Our experienced loan officers at MortgageDepot can help you secure a Jumbo Loan that will turn your real estate aspirations into reality. Here are a few reasons why Jumbo Loans are the right move for some of our clients:
- Some programs allow buyers to borrow up to $2 million.
- Buyers can qualify with a credit score as low as 620.
- Buyers who have experienced bankruptcy, short sale or foreclosure might be eligible for a Jumbo Loan.
- Our Jumbo Loan programs don’t require PMI.
- Interest-only loan programs are available.
If you need to secure a mortgage in Pennsylvania, we can help! Whether you need to finance your next home, a second home or an investment property, contact MortgageDepot today!
Contact us today or email us here for more information.