Jumbo Loans In Medina Ohio
High Value & Luxury House Loan For Homebuyers.
If you're looking at real estate that is more expensive than the Federal Housing Agency limit then you're a great person for a Jumbo Loan.
But, What Is A Jumbo Loan?
A Jumbo Loan or, Jumbo Mortgage is a type of home financing for properties that exceed the limits set by the Federal Housing Agency. These loans are also not able to be purchased, gaurenteed, or securitized by Fannie Mae or Freddie Mac. Because of this, Jumbo Loans are designed to finance luxury property, or homes that are in highly competitive markets.
What are the benefits of a Jumbo Loan?
Jumbo Loans have some great benefits that you can take advantage of:
- Large Loan Limits - These loans are designed for higher than normal price points.
- Flexible Rates - Jumboe Loans have many different rates based on how you qualify.
How long does it take to get approved for a Jumbo Loan?
Unfortunately, there isn't a certain time period to close for Jumbo loans. Each loan process is different for every person, but when you partner with us we ensure that your loan will close as fast as possible.
Can I use a Jumbo Loan for investment property?
Yes, Jumbo Loans can be used for investment property.
How low can my down payment be on a Jumbo Loan?
Jumbo Loans tend to have a heavier down payment than other loans you might look into with many of them requiring at least 20% down. Although down payments can vary depending on your situation.
How do I know if a Jumbo Loan is best for me?
In order to qualify for a USDA loan there are first some income limits that vary by location, and depend on the size of your household. You must also:
- High property value loan.
- Large down payment
- Strict qualificiations
Can I get a Jumbo Loan if I'm self-employed?
Yes! As long as your property fits the guidelines of a Jumbo Loan, and you prove reliable income then you will be eligible for a Jumbo Loan.