Are you looking to purchase a high-value property or refinance an existing mortgage that exceeds conventional loan limits? At Simply Approved Mortgages, we specialize in providing tailored jumbo loan solutions to meet your unique needs. With our expert guidance and competitive rates, you can make your home financing dreams a reality.
A jumbo loan is a type of mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These limits vary by region, but as of 2024, the limit for a single-family home in most areas is $726,200. In high-cost areas, this limit can be as high as $1,089,300. Jumbo loans are not backed by Fannie Mae or Freddie Mac, which means they require a more stringent approval process.
Our team at Simply Approved Mortgages has extensive experience in handling jumbo loans. We understand the intricacies involved and can guide you through every step of the process, from application to closing.
We offer highly competitive rates and flexible terms on jumbo loans. Our goal is to find a financing solution that fits your budget and financial goals.
At Simply Approved Mortgages, we prioritize your needs. We offer personalized advice and solutions tailored to your specific financial situation.
With our streamlined approval process, you can expect quick and efficient service. Our digital tools and expert team work together to expedite your loan application
Most lenders require a credit score of at least 700.
Ideally, your debt-to-income ratio should be below 43%.
Jumbo loans often require a down payment of 20% or more.
Be prepared to provide detailed documentation of your financial status.
As real estate prices continue to climb, jumbo loans are becoming a more viable option for many buyers.
Historically low interest rates provide an excellent opportunity to secure a favorable rate on a jumbo loan.
Lenders are offering more flexible terms to accommodate the growing demand for jumbo loans.
A jumbo loan exceeds the conforming loan limits set by FHFA, meaning it is not eligible for backing by Fannie Mae or Freddie Mac. Conventional loans, on the other hand, fall within these limits and are often easier to qualify for.
Yes, jumbo loans can be used for purchasing second homes or investment properties, provided you meet the lender’s criteria.
The approval process for a jumbo loan can vary, but Simply Approved Mortgages aims to provide fast and efficient service, typically within 30 days.
Simply Approved Mortgages is committed to providing top-notch mortgage solutions and exceptional customer service. Learn more about our services and team.
Company State License# AZMB - 0944059 | NMLS# 1660690