Jumbo Loans
Jumbo Loans
Jumbo Loans are typically used to finance high-end homes or luxury custom construction homes. The loan amounts for Jumbo Loans can range from $766,550 to $2 million. Jumbo Loans often have stricter eligibility requirements than conventional loans, so it’s essential to shop around and compare different lenders before deciding on a loan program. GoNoCost Mortgage offers the most competitive Jumbo Loans in Raleigh for borrowers with credit scores starting at 660. In addition, we collaborate with various lenders to provide the most competitive prices and packages.
What are Jumbo Loans?
Mortgage loans larger than the conforming loan restrictions established by the Federal Housing Finance Agency are referred to as jumbo loans. These loans are also known as non-conforming loans (FHFA). Jumbo Loans are typically used to finance high-end homes or luxury custom construction homes. The loan amounts for Jumbo Loans can range from $766,550 to $2 million. Jumbo Loans often have stricter eligibility requirements than conventional loans, so it’s essential to shop around and compare different lenders before deciding on a loan program. GoNoCost Mortgage offers the most competitive Jumbo Loan Programs for borrowers with credit scores starting at 660. In addition, we collaborate with several different lenders to provide the most competitive rates.
How to Qualify for a Jumbo Loan?
There are a few things that you will need to qualify for a Jumbo Loan:
- A credit score of 660 or higher
- A down payment of at least 10-20%
- Income verification
- Employment verification
- Asset verification
- No excessive debt
If you meet all of the above requirements, you should have no problem qualifying for a Jumbo Loan.
Benefits of Jumbo Loans
There are a few benefits that come with Jumbo Loans:
- You can finance a high-end home or luxury custom construction home
- The loan amount can be up to $2 million
- Jumbo Loans often have lower interest rates than conventional loans
- You may be able to get a longer loan term with a Jumbo Loan
If you’re looking to finance a high-end or luxury custom construction home, a Jumbo Loan is a great option. The loan amount can be up to $2 million, and Jumbo Loans often have lower interest rates than conventional loans. You may also be able to get a longer loan term with a Jumbo Loan.
What is the Interest Rate for a Jumbo Loan?
The interest rate for a Jumbo Loan can vary depending on several factors, including your credit score, down payment, and employment history. However, GoNoCost Mortgage offers the most competitive Jumbo Loan Programs available for borrowers with credit scores starting at 660. In addition, we work with some different lenders to provide the most competitive rates.
Conventional Loan Limits in Raleigh, North Carolina
- The maximum loan limit in Raleigh, North Carolina, is $1,474,400. (4-Unit)
- Jumbo Loan Limits in Charlotte, North Carolina
- The maximum loan limit in Charlotte, North Carolina, is $1,474,400. (4-Unit)
- Jumbo Loan Calculator
If you’re thinking about taking out a Jumbo Loan, you can use our Jumbo Loan Calculator to estimate your monthly payments. Enter your loan amount, interest rate, and term into the calculator to get started.
Types of Jumbo Loans for NC Borrowers
There are two types of Jumbo Loans available for borrowers in North Carolina:
- A fixed-rate loan has an interest rate that remains the same for the life of the loan.
2. An adjustable-rate mortgage (ARM) has an interest rate that can fluctuate over time.
Both types of Jumbo Loans have pros and cons, so it’s essential to speak with a loan officer to see which one is right for you.
Fixed-Rate Jumbo Loan
A Fixed-Rate Jumbo Loan is a loan where the interest rate remains the same for the life of the loan. This type of loan is great for borrowers who want predictability and stability regarding their monthly payments.
Adjustable-Rate Mortgage (ARM)
An Adjustable-Rate Mortgage, or ARM, is a type of loan where the interest rate can fluctuate over time. This type of loan is great for borrowers who are comfortable with risk and are looking for the potential to save money in the long run.
How to Apply for a Jumbo Loan?
If you think that you may qualify for a Jumbo Loan, the first step is to contact GoNoCost Mortgage. We will walk you through the process and help you find the best loan program for your needs.
GoNoCost Mortgage provides the cheapest Jumbo Loan Programs for consumers with credit scores as low as 660. We collaborate with a variety of lenders to deliver the most affordable prices. If you believe you may be eligible for a Jumbo Loan, the first step is to act GoNoCost Mortgage. We will
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