Affordable Residential & Commercial 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
How do I get started?
Hometown Equity Mortgage makes 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