In Texas, Jumbo Mortgage Programs are defined as a mortgage with a loan amount exceeding the conforming loan limit of $417,000. Jumbo mortgage programs can be used to purchase or refinance a luxury home. If you’re looking for a mortgage program with a loan amount exceeding 417k, then you’ll want to make sure you’re working with an experienced Jumbo mortgage lender and loan officer. Working with a loan officer or lender that is not used to closing Jumbo mortgages can result in complications and delays. To get prequalified for a Jumbo mortgage program or get a Free Jumbo Mortgage Refinance Quote – Click Here Now to speak with an experienced local Jumbo Mortgage Expert.
Jumbo mortgage programs are also referred to as “non-conforming” mortgage programs due to the loan amount exceeding the Fannie Mae loan limits set at 417k. While Fannie Mae and Freddie Mac set the standard for underwriting and selling Conventional mortgage programs, Jumbo mortgage programs are much more subjective. There are a number of different investors that provide funds for mortgage lenders to offer Jumbo mortgage programs, so it’s important to work with someone that has multiple options to ensure that you get the best possible program and terms.
For example, some Jumbo mortgage investors will provide financing with as little as 10% down, however most Jumbo mortgage programs require at least 20% down (or equity if you’re refinancing).
Interest Rates are Jumbo mortgage programs are generally marginally higher than that of conforming loans. To get a FREE Jumbo mortgage quote, click here!!