Jumbo loans

Do You Need a Large Home Loan?

Jumbo loans, or jumbo mortgages, refer to home loans that exceed conforming loan limits as defined by the Federal Housing Finance Agency (FHFA). In addition, jumbo loans are not scrutinized or guaranteed by Freddie Mac or Fannie Mae.

How Much Can You Borrow?

Conforming loan limits set by the FHFA vary area-wise and may change each year. In 2018, the maximum limit for a single-family home in most parts of the country was set at $453,100.

Loans between $453,100 through $679,650 are considered a high-balance loan. Loan amounts above this are now considered jumbo loans and you may secure financing up to $2 million.

For the current limits, please refer to: http://bit.ly/ConformingLimits

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Will You Qualify?

Lenders face more credit risk with jumbo loans, not only because of the large amount of money, but also because these loans are not guaranteed by Fannie Mae or Freddie Mac. As a result, you will need to meet more extensive requirements to qualify when compared to getting a conventional loan. Typically, you will need to meet these criteria:

  • An Excellent credit score of 700 or above
  • A debt-to-income ratio of less than 43%
  • Ability to make a down payment of 10% to 20% or the desired loan amount
let's talk

our experts are more than willing

to guide you through the process.

Why Choose Us?

  • We provide jumbo loans for purchase of luxury homes and estates
  • We offer fixed rate and adjustable rate alternatives
  • We provide jumbo loans to foreign nationals
  • We offer expert guidance
  • We allow for interest-only payments

Given the amount of money that is involved in a jumbo loan, you can trust our experts to guide you in the right direction.

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First Time Homebuyer’s Guide

Considering homeownership but not sure where to begin? The Meadowbrook Financial Mortgage Bankers Corp. guide to home buying will make the process easy all in one packet.

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