Jumbo Home Loans St. Louis, Missouri
After the housing crash and credit crisis of 2008, getting a Jumbo Mortgage Loan was very difficult. Since that time, a lot has changed in the financial world and Hometown Equity Mortgage now offers affordable home loans for higher priced properties, both residential and commercial.
We offer our lending services thoughout Missoui and now we are also licensed to serve in 33 States! Click here for the list of States..
What is a non-conforming Jumbo Loan in Missouri?
A loan is considered a Jumbo loan in Missouri if it exceeds the “conforming” loan limit of $417,000 set by Fannie Mae and Freddie Mac. They are the two 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. We at Hometown can help you safely navigate the product that is best for your needs.
What are the benefits?
- 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
* Do I 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
How do I get started?
The lenders at Hometown Equity Mortgage make it easy. Apply online to see if you qualify by clicking on the banner below or call us and we’ll be happy to discuss your needs at (855) 563-4836