5 Benefits
of Jumbo
Loans
More Money Available
A jumbo loan is a non-conforming loan, which
means they are not bound by the limits placed on
loans backed by the Federal Housing Finance
Administration (FHFA). This year, conforming loan
amounts range from $766,550 to $1,149,825. This
might mean your mortgage is insufficient for your
homebuying needs or market requirements. A
jumbo loan gives you a larger loan with more
options.
May Not Need 20%
Down
Can you get a jumbo loan with a 10% down
payment? Here is another one of the many
benefits of jumbo loans – they are flexible enough
for either a 20% down payment or a lower down
payment with private mortgage insurance (PMI).
However, this will depend on the lender. It may
even mean significant upfront savings with various
options depending on your income, credit history,
budget, and other qualifying factors.
VA Jumbo Loans
A jumbo mortgage loan in California can also
provide army veterans with jumbo loans. As VAeligible borrowers are not subject to loan limits,
veterans can apply and qualify for jumbo loans. This
means if you qualify for VA financing, you can enjoy
all the advantages of a VA loan, including an
excellent jumbo loan rate with none of the
frustrations of conforming to loan limits.
Opportunity to Buy a
Larger Home
With every passing day, more and more families are
rethinking the way they live. Multi-generational
households are becoming more popular, allowing
elderly family members, adult children, and
grandchildren to live in the same home. Single
homebuyers may buy with friends, siblings, or
significant others. When several people live under
the same roof, the chance to purchase a larger
home makes sense for many contemporary
homeowners. A jumbo mortgage loan in California
offers additional funds to make that possible.
Opportunity to Own
More Land
With the increased availability of remote work
lifestyles and rising demand for new construction,
more and more homebuyers are looking to rural
areas for their next home. In some instances, this
may mean buying more land for homesteading or
maximizing privacy. Jumbo loans offer the chance
to invest in larger lots for bigger homes and more
outdoor amenities.
Thank You
Visit: www.altfn.com