At Bank of England Mortgage Troy, our specialty is funding the dream of home-ownership – no matter the size of the dream or loan! Jumbo Loans are mortgage loans that exceed the maximum loan limits established by Fannie Mae and Freddie Mac for each county. Bank of England Mortgage Troy and Alex Kandah offer some amazing options on Jumbo Loans to give you the flexibility of a lower monthly payment on that dream home! Loan amounts for Jumbo Loans in 2019 start at $484,351 and go up to $3,000,000 or more. Rates on Jumbo Loans are typically higher than conventional conforming loans, but they allow borrowers to buy or refinance more expensive homes and high-end custom construction homes. Most Jumbo Loans also require a higher down payment than traditional loans but Alex Kandah - Bank of England Mortgage have a multitude of loan options with as little as 5% down. Alex Kandah at Alex Kandah - Bank of England Mortgage has extensive experience with Jumbo Mortgage financing in Troy, Michigan and all across the United States.
Advantages of Jumbo Loans
The primary advantage of a Jumbo Mortgage is being able to finance more than the county loan limits set by Conventional, FHA, or other loan programs. Also Jumbo Loans don’t typically have mortgage insurance requirements, so you may be eligible to purchase or refinance with as little as 5% down without mortgage insurance! You may be able to borrower enough to purchase or refinance that dream home if you qualify for one of our available Jumbo Loans.
Requirements for Jumbo Loans
Jumbo Loans typically require better credit scores and a larger down payment. Although standard down payments for Jumbo Loans are usually 20-25%, Bank of England Mortgage offers competitive programs with as little as 5% down if you qualify. Credit standards are higher on Jumbo Loans, usually needing 700 or higher credit scores. There may be options down to a 640 credit score with a higher down payments, but keep in mind that interest rates will be much higher with lower credit scores and low down payments.
Limits on Jumbo Loans
Jumbo Loans start at just above conforming loan limits and typically are offered up to $3,000,000 by Bank of England Mortgage. Again the base conforming loan limit in most counties for 2019 is $484,350. There are some options available to amounts higher than $3,000,000 if needed, but those are considered Super Jumbo Loans.
Get Pre-Approved for a Jumbo Loan
Applying for a Jumbo Loan with an experienced Mortgage Banker is crucial. Alex Kandah has an extensive knowledge and vast experience with Jumbo Loans to guide you through every step of the process. If you are looking to purchase or refinance a home with a Jumbo Loan in Troy, Rochester Hills, Ann Arbor, West Bloomfield, Birmingham, or any city in Michigan or anywhere else in the United States, contact Alex Kandah - Bank of England Mortgage at (248) 633-8555 or simply fill out the form on this page for prompt, professional, honest guidance.