JUMBO LOANS
What is a Jumbo Loan?
Jumbo Loans, also known as non-conforming mortgages, are for homes exceeding the value of Conventional Loans as established by the FHFA. (While these values can vary by state or even county, the current conforming loan limit for one-unit homes in Hawaii is $1,089,300 ). Predominantly used to finance homes in highly competitive real estate markets or luxury homes, Jumbo Loans are usually available with a fixed interest rate or an adjustable rate.
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Who is eligible for Jumbo Loan?
For buyers looking into Jumbo Loans, credit requirements are a bit more rigorous than those for Conventional Loans, as well as requiring stricter underwriting. Most significantly, approval for a Jumbo Loan requires an outstanding credit score, as well as a lower debt-to-income ratio (DTI) in most cases.
Features
✔You get more compared to other mortgages:
The main reason for a Jumbo home loan? You have the opportunity to access more money for a larger or more luxurious home.
✔Interest rates:
Jumbo Loans can be lower than those of Conventional Loans.
✔Lots of mortgage options:
A Jumbo Loan can give you flexibility in choosing the mortgage that works for you. How about an adjustable rate mortgage? Or maybe a 30-year fixed rate? With Jumbo Loans, you have options when it comes to your home.
