JUMBO MORTGAGE PROGRAMS
If your financial situation is on the upswing, a jumbo loan can be a good way to bypass a starter home and purchase the full-sized home of your dreams. Here at Amerifund Corporation, we serve our clients’ needs by offering increased flexibility, excellent customer service, and competitive jumbo loan rates.
What is a Jumbo Mortgage?
A jumbo mortgage, often referred to as a non-conforming loan, is helpful if you’re looking to secure a mortgage in a high-cost area. A jumbo loan exceeds the maximum Fannie Mae high-balance or conforming loan limit. While this figure is dependent on where you live, the current Fannie Mae loan limit in many high-cost areas is $1,089,300. If you need to take out a loan over the conforming loan limit, a jumbo mortgage could be the best way to secure a large and beautiful home.
Jumbo mortgages can also help you to rapidly build your credit. Considering that your jumbo loan payments are consistently on-time, your credit score will consistently improve as well. However, it’s important to note that it may be more expensive to refinance a jumbo loan due to increased closing costs.
Different Types of Jumbo Loans
There are two different types of jumbo loan options: Fixed-Rate and Adjustable-Rate.
Fixed-Rate Jumbo Loans
Fixed-rate jumbo loans offer consistent monthly payments despite potentially rising interest rates. A fixed-rate jumbo loan allows for easier budgeting and a greater peace of mind.
Adjustable-Rate Jumbo Loans
Adjustable-rate jumbo loans are best for those that are anticipating a significant increase in income or property value over the next several years. An adjustable-rate jumbo loan may also be beneficial if you are only planning on staying in your home short-term or are looking to lower your payments. Adjustable jumbo loan rates typically come in 3-, 5-, and 7-year mortgage lengths.
How a Jumbo Loan Could Work for You
While jumbo loans traditionally require greater down payments than conventional mortgages, independent mortgage lenders such as Amerifund Corporation are offering competitive rates at 20% down with the potential of no more than 10% for qualifying homebuyers. If a jumbo loan makes sense for you, we are proud to offer additional flexibility when it comes to purchasing a higher-quality property.
EMAIL ADDRESS
Info@amerifundcorporations.com
Phone
(714)713-0321
ADDRESS
17155 NEW HOPE STREET FOUNTAIN VALLEY, CA 92629
OFFICE HOUR
MON-FRI 8:30AM - 5:30PM (PST)