What is a Jumbo Loan?
A jumbo mortgage is a home loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Currently for most areas in NC and SC, that limit is $806,500. Jumbo loans are designed for properties that are more expensive and require larger loan amounts than conforming loans. For self-employed borrowers, a bank statement jumbo loan may also be something to consider as it doesn't require income documentation. Contact us with your scenario to find the best fit.
Who is eligible for a Jumbo Loan?
Jumbo loans have stricter eligibility requirements compared to conforming loans. To qualify for a jumbo loan, you typically need a higher credit score, a lower debt-to-income ratio, and a larger down payment. We do offer 10% down jumbo loans.
Why should you get a Jumbo Loan?
If you're in the market for a home that qualifies for a jumbo loan, this program may be a perfect fit for your needs. 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. These factors can help you qualify for lower interest rates and better terms, which can save you money over the life of the loan.
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!
