A jumbo loan, or non-conforming mortgage, allows you to purchase more expensive homes with a loan amount above the conforming limit set by the Federal Housing Finance Agency. In most areas of the country, the conventional conforming loan limit is $647,200; however, the limit is $970,800 in higher cost areas.
If you have a low debt-to-income (DTI) ratio and a higher credit score, but you don’t have enough funds to bring the loan amount under the conforming limit, a jumbo loan might be the right option for you. Highlights of non-conforming loans include:
-Finance a home over the maximum loan amount established by the Federal Housing Finance Agency
-Higher purchase limits allow borrower to purchase more house
-Convenience of one loan for the entire loan amount
-Primary residence, second home or investment property
-Fixed-rate or adjustable-rate mortgages (ARM)
Contact Us:
Fairway Independent Mortgage Corporation
NMLS Entity ID# 2289
632 Pinecroft Dr.
Clayton, NC 27520
Phone: (919) 879-3040
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877-699-0353
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Copyright ©2022 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Opportunity.
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