Jumbo loans are your best bet when you need financing outside of conventional loan amounts – $417,000 and higher. These mortgages come with a wide selection of terms, but in most cases you will be able to obtain lower rates for big purchases, such as a primary place of residence, secondary homes, vacation homes, or investment properties. You can choose between fixed-rates or adjustable rates for your jumbo loan, giving you the flexibility to obtain a jumbo loan to meet your unique needs and support financial goals.
The last year has seen big changes in the jumbo market. Every major lending institution has relaxed their standards for the biggest of loans. While qualified down payments remain steadfast at 15% down, lenders are working with borrowers with lower credit portfolios than ever before. As long as your debt-to-income ratio is under 38%, and you have the available funds for a down payment (or equity available for refinancing) we should be able to process your loan more quickly than you’d expect.
Midland Mortgage Corporation will help you qualify with credit scores as low as 620. We can also help you improve your credit score and clean up your reports, so you have access to the best jumbo loan financing possible. You can count on us through every step of your new home purchase to deliver the most up-to-date information and the most valuable lending products available.
You’ll find just as many types of jumbo loans available as there are for conventional mortgages. We can access fixed rate jumbo mortgages in varying terms, adjustable rate mortgages with several different adjustment periods, and hybrid loans that are fixed for a decent number of years before converting into an ARM. With the amount of money on the table, deciding on the wrong product can really cost you. Work with a residential loan specialist to make the right move.
Midland Mortgage Corporation handles a wide range of lending situations. Contact us today about our interest-only loans.