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Jumbo mortgages are bigger than standard loans, and exceed the maximum loan amount that Fannie Mae and Freddie Mac will buy. This maximum loan amount varies by location. Many lenders offer jumbo mortgages, but with stricter requirements than in previous years, some of which may be:
A down payment of at least 20 percent of your luxury home purchase. It’s not uncommon for that percentage to be 25 percent.
Your income is documented.
Get an adjustable-rate loan, because fixed-rate jumbos are relatively rare.
Your monthly mortgage payment must be no more than 38 percent of your income before taxes.
These loans aren’t commodities, so it pays to shop around for a jumbo mortgage. Most jumbos nowadays come from the big banks and are referred to as “portfolio loans.” Exemplifying old-fashioned lending, these portfolio loans are kept by the bank on their books rather than selling them. Their higher interest rates make more than they pay on their customers' deposits, but rates can be attractive if you meet these lending qualifications.
Look to the experts at Arizona Buyers Agents for the information you need that will help you take the most prudent steps forward. You’re one step closer to finding your magnificent, new home in the Valley of the Sun when you choose Exclusive Arizona Buyers Agents to provide premium service and protection. Contact us today.