When a home buyer is looking for a large, luxury or expensive home in a high-income area, they often need to borrow a Jumbo Loan. These mortgages are much larger than the typical loan issued by government agencies Fannie Mae and Freddie Mac which currently limit the size to $417,000. Jumbo loans are great tools for buyers who do not have enough cash yet want to make a large home purchase.
We at MortgageDepot have an exceptional reputation for providing high-value loans to interested home buyers. We can provide up to an amazing $25 million in funds for:
- A new condo
- Townhouse or home
- Including a 1 or 2 unit primary home
- Or 1 to 2 unit secondary home.
We can provide a loan to value ratio (LTV) of 80% up to $1.5 million. That means that if the total value of the home is $1.8 million, the company can provide up to $1.44 million with the remaining cash paid by the buyer. In addition, the buyer can cash-out with a reverse mortgage up to $750,000 if the home is already owned. Usually, banks or lenders will not provide that much capital against the value of a home.
Borrowers can accept funds for the loan in several different forms.
- They can take a fixed 15 or 30-year loan.
- They may also accept 5, 7 or 10 adjustable rate mortgages (ARMs) depending on preference.
However, buyers must have credit scores above 700 and the debt to income ratio should be around 40%.
For buyers that are in the market for a home, but need a loan above the federally conforming $453,100, MortgageDepot is the best choice for procuring the much needed jumbo loans.