Financial IQ June 23 2020

What is a Jumbo Loan?

A Jumbo loan is a home loan for those who have higher lending needs than conforming conventional loan types can meet. A Jumbo loan is a non-conforming loan, which means that the amount you want to borrow is over $510,400 (or $765,600 in high-cost areas) as determined by the Federal Housing Finance Agency (FHFA).

Because a Jumbo loan is not eligible for purchase by Fannie Mae or Freddie Mac, these loans must be sold on the secondary market. This means Jumbo loans can have stricter credit score guidelines and may require larger down payments. However, there are many Jumbo home loans that do not require large down payments and may not require mortgage insurance (MI). Jumbo loans are typically available with either a fixed interest rate or an adjustable rate.

Who is a Jumbo Loan right for?

If you’re looking to upsize or just want a larger home and have the financial means, a Jumbo loan may be right for you. Conforming conventional loans only let you borrow up to a certain amount, which won’t cover your mortgage for homes in a higher price range. If you aren’t interested in breaking the amount needed to cover this mortgage into two loans, which can be a headache and a plethora of paperwork, look into a Jumbo loan.

Jumbo Home Loan Benefits

  • Ability to purchase a home with a bigger price tag
  • Borrow the full amount of money that you need instead of breaking it into two different loans or putting more money down
  • Buy a dream home in a highly desirable real estate market

Are you ready for an upgrade to the larger home of your dreams? Eagle Home Mortgage has you covered. We can guide you down the path to homeownership as well as help you see if you qualify for a Jumbo loan. 

Search Results for query

November 25 2020

Success Story: A Single Mom’s Dream

How a police officer on a budget ended up with a home she never thought she’d have, thanks to one dedicated Eagle Home Mortgage loan officer.

Read More

November 17 2020

How to Get Pre-qualified for a New Home Loan

These easy steps will help you find out what you can afford to be ready to buy.

Read More

November 06 2020

Surprising Facts About VA Loans

A VA loan can help eligible veterans purchase the home of their dreams, but they come with a few conditions a buyer should understand.

Read More

October 21 2020

What is an FHA Loan?

For borrowers with tight cash or tricky credit, an FHA loan can be the answer. But not every situation is a good fit for these mortgage loans. Find out if one is right for you.

Read More

October 07 2020

Homebuyer Solutions: Making Dream Homes a Reality

Our Homebuyer Solutions Group helps successfully secure financing for homebuyers with credit challenges.

Read More

September 30 2020

20 Easy Ways to Turn Your House into an Autumn Sanctuary

Here are 20 cozy, simple ways to decorate for fall.

Read More

September 24 2020

Conforming vs. Nonconforming Loans

When financing your new home, there are just a few things you need to know about the types of loans you might be choosing from.

Read More

September 16 2020

Online Closing Options: Closing Faster, Smarter, Safer

Health concerns, purchasing out of state, or other life interruptions can make closing in person difficult — and that’s why we’ve created two new options for borrowers, our Eagle Express Close and Remote Digital Closing Experiences.

Read More

September 02 2020

6 Cheap and Easy Ways to Increase Your Home Value With Curb Appeal

There are several affordable, DIY curb appeal options to increase your home value that can get you some serious sweat equity.

Read More

12345Last

Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator

Payment
Calculator

Affordability Calculator

affordability calculator

Affordability
Calculator

Refinance Calculator

refinance calculator

Refinance
Calculator

The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?