What is a Jumbo Loan?
A jumbo mortgage is a conventional home loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Currently for the majority of NC, SC and AL, that limit is $832,750. Jumbo loans are designed for properties that are more expensive and often have larger loan amounts than conforming loans. For self-employed borrowers, a bank statement jumbo loan may also be something to consider as a loan option since it doesn't require income documentation. Contact us with your scenario to find the best fit.
Who is eligible for a Jumbo Loan?
To qualify for a jumbo loan, typically a lower debt-to-income ratio is needed.
Various programs with competing multiple lenders allows us to provide great jumbo lending options for our large loan amounts.
Why should you get a Jumbo Loan?
Jumbo loans can enable you to buy a larger or more expensive property than you would be able to finance with a conventional loan. They can help you avoid the hassle of taking out multiple loans or having to use your savings to finance a large down payment.
It is important to carefully evaluate your options and speak with Capital South Funding LLC to determine if a Jumbo loan is right for you. Contact us today!
