Jumbo Loans with Great Rates and Flexible Terms
When it comes to luxury home financing, Parkside Mortgage has the rates and terms you seek. We provide the personalized guidance and competitive rates that jumbo loan clients in Louisville, Prospect, and nearby Kentuckiana areas. These nonconforming loans have unique requirements that demand mortgage professionals who can quickly and expertly execute approval and closing. Our team is standing by to help you explore this and other financing solutions today, so contact us to get started.
Jumbo Loan Limits
Jumbo loans, aka jumbo mortgages, are a type of nonconforming conventional loans. They are “conventional” because they are not insured or funded in any way through a government agency, such as the FDA or USDA. They are nonconforming because they exceed loan limits set through mortgage giants Fannie Mae and Freddie Mac, which are government-sponsored entities (GSEs). These loan limits vary depending on where you will purchase a home and how wealthy the area is on average. In Louisville, Prospect, and nearby cities, that limit is $424,100. That means that any mortgage above that limit is considered “jumbo.”
Fixed and Variable Rates Available
Jumbo loans can have anywhere from 5-30-year terms. While some clients do secure fixed interest rates, variable rates are more common for these nonconforming loans. Many clients who select this type of loan choose variable rate financing that secures a low interest rate for a few years with the intention of paying off the loan quickly.
Flexible Approval Requirements
Jumbo loans have stricter approval requirements because they are not purchased and thus protected by Fannie Mae and Freddie Mac. At Parkside Mortgage, however, we can offer very competitive rates and flexible terms for our jumbo loan clients. Most borrowers who qualify for this type of loan have substantial financial reserves for a down payment of at least 20% and continued mortgage payments and a low debt-to-income ratio.
The Benefits You Want in a Jumbo Loan
Our jumbo loans include unique benefits, including all-digital document processing. For self-employed clients and others with alternative income sources, we also offer low-doc approvals with as little as a single paycheck and photo ID required. Whatever your jumbo loan needs, we can create a financing package that works for you. If you want to purchase a home more than $424,100 in Louisville, Prospect, or nearby Kentuckiana cities, Parkside Mortgage will do everything that we can to secure your jumbo mortgage financing. Contact us to get started.