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JUMBO Loans

CHOOSE PierPoint Mortgage For Your JUMBO Loan

If you plan to apply for a Jumbo Mortgage in the USA, you should first know that a Jumbo mortgage is a home loan for an amount that exceeds conforming loan limits set by Fannie Mae and Freddie Mac regulations. Jumbo loans begin at $417,000 in most of the U.S. In counties with high home prices, mortgage loans have higher limits, up to $625,500.

The credit score requirement is typically higher in Jumbo Loans due to the risk that comes with refinancing a larger and much expensive property. This is why it is advisable to hire only the top and most trusted mortgage lender who could help you understand the process easily.

The down payment has also loosened up over the past few years. The homeowners had to pay up to 30% of the residence’s purchase price, which has now fallen to 10-15%. This mortgage is suitable for individuals with high income and good credit history.

JUMBO Loans

How a JUMBO Loan Works

In order to apply for a jumbo loan for a property that is worth more than $417,000, you will need to rely upon trusted mortgage experts.

Being the best and most trusted mortgage lender, PierPoint Mortgage prides itself on doing business the right way which is with honesty and integrity. Our mortgage experts will work alongside you making sure that your finances are secure and you save as much money as possible.

There are quite a few risks involved with financing a bigger property hence mortgage rates are slightly higher with Jumbo mortgages than other loan types. Such high-priced properties are more difficult to sell and recoup losses.

But, you can rest assured when you choose the top mortgage lender like us! We will make sure that you get the best services when you choose us when searching for Jumbo Mortgage in the USA.

Down Payment Options

Traditional down payments of 20%-30% are required for most Jumbo loans.

Credit Requirements

No matter what the size of your jumbo loan is, it is necessary for you to show how you will be paying the monthly mortgage payments for the next 20-30 years. You need to be thorough in explaining what you do for a living and the likelihood of your current job.

If you are self-employed, you need to show your company’s website, business license, and other things that will help you get the jumbo loan without any complications.

Having a good to best online reputation is important since underwriters may even do a google search for you. there are a few things that are checked before your loan approval such as-

Asset – Documentation is vital in getting the jumbo loan approved. All documents and paper should make sense when you’re stating your income on the application.

Credit Score – Having high scores and proof of responsible borrowing history, underwriters may also look for other sizable debts that the borrower has had a positive experience with.

Property – The process of appraisals has changed for the years. If you are planning to take a loan for a big property, multiple appraisals might be required for final financial approval.

Profiling – The documentation and the profile of the person who is applying for a loan should coordinate and make sense to an underwriter.

Just make sure when you apply for any non-conforming loan such as a jumbo loan, you need to prepare your documentation and paperwork in advance. Also, you need a proper explanation of anything that might raise a question regarding your inability to repay the mortgage.

Talk to PierPoint Mortgage

Do you have any concerns about the Jumbo loan process in the USA? Get in touch with our team!

    Get Pre-Approved Now!


    Get Pre-Approved Now!


    Get Pre-Approved Now!


    Get Pre-Approved Now!

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