Jumbo Home Loans

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What is a Jumbo Loan?

If you aim to purchase a home in a pricier neighborhood, it may be the case that a conventional loan just won’t cover the cost of the house. If that is the case, don’t worry, you have other options — notably, taking out a jumbo loan. These are a form of financing you obtain through a private lender that entail a loan amount higher than the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Whether you are looking to get a new primary residence, a second home, a vacation home, or an investment property, Point Mortgage of Miami can help. Learn more about jumbo loans below, or get qualified for one from a trusted Miami mortgage lender today!

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When a Regular Mortgage Isn’t Enough

Jumbo loans help you buy a home that costs more than a set amount (which varies from region to region, but is roughly between $550,000 and $850,000). While this type of loan can help a lot, they come with stricter underwriting criteria, as they are riskier loans for lenders. You will usually need a high credit score (a FICO score higher than 700 is commonly required), and your debt-to-income ratio will need to be healthy, to indicate that you aren't at a high risk of becoming over-leveraged. But if you are on the line, don’t be intimated, Point Mortgage can verify if you qualify for a jumbo home loan for free today!

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Types of Jumbo Loans

There are a number of types of jumbo loans that you can get, depending on your purpose. A jumbo loan can be used for:

  • A land purchase

  • A home purchase

  • Cash-out refinancing

  • Rate or term refinancing

  • Purchasing or refinancing an investment property

Is a Jumbo Loan Right for You?

Trying to determine if a jumbo home loan is right for you? First, consider if you really need one. If the property you are interested in exceeds the limit for a conventional loan in your area, making a higher down payment could still make the difference. Jumbo loans typically have higher monthly payments, so be sure you can afford it without breaking the bank!

To apply for a jumbo loan, talk with a member of our team at Point Mortgage Corporation. We provide people in the Greater Miami region with all sorts of different loans. Want to see if you qualify for a jumbo loan?

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