Get a Smaller Payment on Your Jumbo Loan
Jumbo loans are mortgages for amounts above the federally-mandated conventional loan limit. Currently, the jumbo loan limit is $417,000. However, Congress has approved changes that may get you a lower rate on some jumbo loans.
Jumbo loans are much more flexible than most people think. Here's how a jumbo loan can help you afford your home in that high-cost area:
You don't always need a 20% down payment. Based on your home, the market, and your finances, you can refinance your jumbo loan with less than 80% equity. Or, buy a home in a competitive market with as little as 10% down.
Did you know that FHA loans are available as a jumbo? Get up to 97% financing on your home with the new, higher FHA loan limits!
Jumbo loans can either be fixed-rate, or have a mortgage rate that adjusts after a fixed period. An adjustable-rate mortgage can get you a smaller monthly payment. A fixed-rate mortgage can give you secure, fixed payments year after year.
On both the fixed-rate and adjustable-rate jumbo loans, Quicken Loans offers an interest-only payment option. This means you have the choice of paying the interest plus as much of the principal amount as you like each month.
Applying for a jumbo loan doesn't take months of processing. Our exclusive and fast online process speeds through jumbo loans. You can be approved and close in just weeks! We make it easy for you to afford the dream home you want or to refinance to a lower rate.
Did you know that FHA loans are available for jumbo loans? Get up to 97% financing on your home, or buy a home with only 3% down payment with the new, higher FHA loan limits – only available until December 31, 2008! Also, down payment assistance is available until October 1, 2008 on all FHA loans – even jumbo loans. You may be able to buy a home with no down payment. Call us at (800) 251-9080 to find out more before it’s too late!
Not bad for a first-timer. Now first-time home buyers can get a tax credit up to $7500! “First-time home buyers” include anyone who hasn't owned a home in the past three years. Talk to your mortgage banker to find out more.
Get a larger loan with a great interest rate, which means a lower monthly payment. Get expert advice from a Quicken Loans mortgage expert. Your county may now qualify for the new, higher loan amounts. Call us at (800) 251-9080 to get payment relief on your jumbo loan today.
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