What is a Jumbo Loan?
A jumbo loan is a loan that is higher than the conforming(conventional) loan limit of $453,100 as of January 1, 2018. Jumbo loans require a larger down payment. Minimum down payment is 10% with a minimum credit score of at least 680. Most Jumbo loans with less than 20% down do not require mortgage insurance. Jumbo loans tend to have a higher interest rate because of the risk involved in them. The higher the loan amount the higher the risk for an investor. The reason the risk is higher is because a luxury priced home is more vulnerable to the markets highs and lows, therefore a higher down payment is required. Jumbo loans are available in fixed terms and adjustable loans with a 5/1 ARM the most common.
Get Pre-Approved for a Jumbo Loan
If you would like to get pre-approved for a Jumbo loan, in Henderson, Las Vegas area or anywhere in Nevada please contact Bruce Singer at Vision Home Mortgage at 702-217-5525 or fill out this form on this page.