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Don't be a Dumbo about a buying a Jumbo!*

There are many misconceptions when it comes to the various mortgage loan products available today. The most common misconceptions I have come across are regarding jumbo loans- one being that you need a perfect credit score and the other being that you are required to pay a large percentage down; neither are true.
 
In Broward, Miami, and Palm Beach counties, a Jumbo loan is a loan amount greater than $417,000. A Jumbo loan allows you to purchase a more expensive home that exceeds the amount you would be able to acquire with a regular fixed-rate or adjustable-rate mortgage. Luxury homes and multi-unit properties typically create the need for a jumbo loan.
 
A jumbo loan and a traditional mortgage are similar with the exception that a jumbo loan allows you to borrow the full amount in one loan versus having to break it up into two different loans. A jumbo loan can also prevent the need for larger amounts of money being required from you the Buyer. Another positive advantage of this type of mortgage loan is the opportunity to be able to choose from a variety of different loan programs. For example- a 30 year fixed rate or an adjustable rate mortgage, so you have flexibility in your loan terms.
 
Jumbo Loan Truths - Misconceptions Corrected:
  • You do not need a perfect credit score to get approved for a jumbo loan. You can be approved with a credit score can be as low as 660.
  • You do not need to pay a large percentage as a down payment out of pocket when getting a jumbo loan. You are able to obtain these high value loans with as little at 5% down.
The U.S. mortgage market is advantageous with diversified loan options for prospective homeowners. There is a wide variety of choices when it comes to home mortgage financing. Before deciding which loan type best fits your needs, I recommend meeting or speaking with a mortgage expert before making your final decision.
 
Ultimately, a Jumbo loan may not be the right fit for you but I wanted you share the above truths in an effort to open your eyes that it may in fact, be a true possibility for you. Depending on your home financing needs, it might be worth the investigation. To learn more about this and other types of mortgages, contact me today. It is always my pleasure to be available for a free consultation to discuss the perfect loan product to fit your family’s needs. 

*PLEASE CONTACT THE REALTOR WHO SHARED THIS ARTICLE WITH YOU;
 THEY WILL BE HAPPY TO HELP YOU FIND YOUR DREAM HOME!

Adam Bayer, Direct Lender & Broker
Your Neighborhood Mortgage Expert
 

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