Jumbo Mortgage Loans
After the housing crash and credit crisis of 2008, getting a Jumbo mortgage was difficult. That has changed and Hometown Equity Mortgage lenders now offers affordable home loans for higher priced properties, both residential and commercial.
What is a Non-conforming Jumbo Loan in Missouri?
A loan is considered a jumbo loan if it exceeds the “conforming” loan limit of $417,000 set by Fannie Mae and Freddie Mac for Missouri. They are the 2 government-sponsored enterprises that buy mortgages from lenders.
The Jumbo home loan helps a borrower qualify for a higher-priced home without requiring a substantial down payment to stay within conforming loan limits. Hometown can help you navigate the product that is best for your needs.
What are the benefits of a Non-conforming Jumbo Loan?
• You can obtain financing for loan amounts higher than the conforming limits at Fannie Mae and Freddie Mac
• Offers the convenience of one loan with a choice of loan options
• Jumbo loans can be either fixed or adjustable rate mortgages
• Rates have reached historic lows and are the best loan rates in Missouri
• Tax-deductable interest on the loan of up to $1 million
*Qualify for a Jumbo Mortgage
• No private mortgage insurance – you’ll need to show income and assets in order to qualify
• Maximum debt to income ratio for borrowers is 45%
• Need at least 6 month’s bank account reserves after closing
Start By Getting a Mortgage Quote!
Hometown Equity Mortgage makes it easy. Click on the banner below for a quick and easy quote, or call us and we’ll be happy to discuss your needs at: (855) 563-4836
FREE Mortgage Quote
*Disclaimer: Certain restrictions and credit approval apply; not all applicants will qualify. All approvals are subject to underwriting guidelines which include but are not limited to: acceptable credit & income history, current homeowners insurance, property value, debt to income ratio, etc. Minimum & maximum loan amounts apply. Please contact Hometown Equity Mortgage for further details.