Jumbo Loans
What is a Jumbo Loan?
A jumbo loan, or jumbo mortgage, is a home loan that exceeds the conforming loan limits established for mortgages eligible for purchase by Fannie Mae and Freddie Mac. Jumbo financing can be a great option for higher-priced homes in Bend and throughout Central Oregon.
When Does It Make Sense to obtain a Jumbo Loan?
A jumbo loan may be a good option when purchasing or refinancing a home that requires financing above conventional conforming loan limits. Because every borrower and property is different, I can help you compare jumbo mortgage options and determine which program best fits your needs.
Why is it easier to get a Jumbo loan with Mountain Mortgage?
Mountain Mortgage works with multiple wholesale lenders, giving me access to a variety of jumbo loan programs rather than the options available from just one bank or lender. This can be especially helpful for borrowers with unique income, property, or financing needs.
NO you don't need 20% down.
Jumbo loans are often associated with large down payments, but some programs may offer lower down payment options for qualified borrowers. Available terms depend on the loan amount, property, credit profile, and other qualification requirements..
Jumbo vs conventional
A conventional conforming loan falls within loan limits established for mortgages eligible for purchase by Fannie Mae and Freddie Mac. A jumbo loan exceeds the applicable conforming loan limit. Jumbo loans may have different credit, income, asset, and underwriting requirements depending on the lender and loan program.