What are Jumbo Home Loans?
Jumbo home loans are mortgages that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. In North Carolina, the conforming loan limit for a single-family home is currently set at $647,200. Any mortgage that exceeds this limit is considered a jumbo home loan.
Jumbo home loans are designed to help finance high-value properties, such as luxury homes or homes in high-cost areas. These loans typically have different requirements and higher interest rates than conforming loans.
Benefits of Jumbo Home Loans
There are many benefits to choosing a jumbo home loan to finance your dream home. Here are just a few:
High Loan Amounts
Jumbo home loans allow you to borrow more money than conforming loans, which can be helpful when purchasing a high-value property.
Jumbo home loans offer a variety of flexible terms to fit your individual needs and budget. You can choose from a variety of fixed or adjustable-rate options, as well as various repayment terms.
No Private Mortgage Insurance (PMI)
Jumbo home loans typically do not require private mortgage insurance (PMI), even if you put less than 20% down. This can save you thousands of dollars over the life of the loan.
Competitive Interest Rates
At Mortgages by Scott, we offer competitive interest rates on our jumbo home loans to help you save money over the life of the loan.
Qualifying for a Jumbo Home Loan
Qualifying for a jumbo home loan can be more challenging than qualifying for a conforming loan. Lenders typically have stricter requirements when it comes to credit score, debt-to-income ratio, and down payment.
To qualify for a jumbo home loan, you’ll typically need a credit score of at least 700, a debt-to-income ratio of no more than 43%, and a down payment of at least 10-20% of the home’s purchase price. Our team at Mortgages by Scott can help you determine if you qualify for a jumbo home loan and guide you through the application process.
Why Choose Mortgages by Scott for Your Jumbo Home Loan?
At Mortgages by Scott, we’re dedicated to helping North Carolina residents achieve their dreams of homeownership. Our experienced team of mortgage brokers has over 30 years of experience in the industry, and we’re committed to providing you with the best possible financing solutions.
We offer a variety of jumbo home loan options to fit your individual needs and budget, and we’re here to answer your questions and provide support every step of the way. We’re proud to be a trusted name in the North Carolina mortgage industry, and we’re committed to helping you finance your dream home.
Contact Us to Learn More
If you’re interested in financing your dream home with a jumbo home loan, Mortgages by Scott is here to help. Contact us today to learn more about our jumbo home loan options and to speak with one of our experienced mortgage brokers. We look forward to helping you finance your dream home with Mortgages by Scott. Our team is committed to providing you with exceptional service and support throughout the entire loan process. We’ll work with you to determine the best financing solution for your unique needs, and we’ll guide you through the application, approval, and closing process to ensure a seamless and stress-free experience.
At Mortgages by Scott, we believe that everyone deserves to own their dream home. That’s why we offer a variety of jumbo home loan options to fit your budget and lifestyle. We’re committed to helping North Carolina residents achieve their homeownership goals, and we’ll go above and beyond to ensure your satisfaction.
Get Started Today
If you’re ready to finance your dream home with a jumbo home loan, Mortgages by Scott is here to help. Contact us today to learn more about our jumbo home loan options and to speak with one of our experienced mortgage brokers. We’ll answer your questions, provide guidance, and help you get started on the path to homeownership. With Mortgages by Scott, you can trust that you’re getting the best possible financing solution for your needs.
Look What Our New Homeowners Are Saying
"LISTENING IS THE KEY TO GOOD LENDING!"