TVFCU is all about Jumbo Loans!
October 13, 2021
TVFCU JUMBO LOANS
The name alone sounds like a made for television movie. JUMBO LOAN. Don’t get scared or change the channel. This type of loan is a mortgage used to finance properties that are too expensive for a conventional loan. Go ahead and breathe easier. These days, the maximum amount for this type of loan is more than $548,250.00. Beginning in 2022, the new Conventional loan limit has been increased to $625,000. That is roughly a $76,000 increase!
More Jumbo lingo
Jumbo loans are considered riskier for lenders because these loans cannot be guaranteed by Fannie and Freddie. In other words, lenders like TVFCU are not protected from losses if a borrower defaults. I know it is a little confusing. To make it simple, jumbo loans that exceed the local conforming loan limit require either a fixed interest rate or an adjustable-rate. A TVFCU Loan Originator can easily explain the variety of terms that come with this kind of loan. Please note that your jumbo loan at TVFCU will never be sold. Also, the maximum debt-to-income ratio must be no higher than 45%.
Jumbo-sized
If you are applying for a jumbo loan, there are lots of positive things to consider if you go through TVFCU. Now, this is great. Did you know that TVFCU pays for all home appraisals whether they are jumbo or not? Also, when you apply for a jumbo loan, you will never pay PMI or Private Mortgage Insurance even if applying for a loan as high as two million dollars. Most financial institutions will require a down payment of at least 20% for a jumbo loan. Some lenders may go to 10%. At TVFCU, the interest rate could go as low as 3% depending on your credit score and market conditions. To simplify the process, jumbo loans are a better deal for consumers at TVFCU. Shop around and then come back. You will see it for yourself.
A few more thoughts
Most financial institutions will tell borrowers, it helps to have a lot of cash in savings when it comes to qualifying for a jumbo loan. Sometimes as much cash reserves to cover your first year of having this type of mortgage. Your TVFCU Loan Originator can certainly walk you through all of your questions and make them easy to understand and apply. Do not forget that usually with a jumbo loan, more documentation than a standard mortgage will most likely be required.
Huge, giant, gigantic, colossal, enormous
All of the words above are synonyms for the word jumbo. No matter how you refer to this type of loan, always remember to be prepared to prove that your financial health is good. This will all be part of the loan process when you contact TVFCU. Remember a credit union and your money, stay in our community. TVFCU wants to help families get their first or jumbo mortgages. Dream homes can become a reality.
View our TVFCU Jumbo Loans video from our TVFCU Virtual Mortgage Seminar series to learn more.
Start the mortgage prequalification process here.