Located in Chesterfield, Best Rates Mortgage is proud to offer Jumbo Loans for borrowers in Chesterfield MO, St. Charles MO, Imperial MO, House Springs MO and St. Louis MO, as well as the entire state of Missouri.
What are Jumbo Loans?
Jumbo Loans are nonconforming loans that exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Currently that limit is $424,100.
Jumbo Loan Down Payments
Down payments are the money you pay upfront.
Benefits of Jumbo Loans
Jumbo loans allow a borrow to have just one loan and a low fixed rate or hybrid loan if they choose. Many people will choose to take on a first and second mortgage to avoid a jumbo loan mainly because their lender steers them that way. Depending on how much you borrow, you may want to avoid that as most second mortgages are variable rate loans. A Jumbo rate is just slightly higher than a regular conforming rate.
Jumbo Loan Eligibility
When purchasing a luxury home you are required to being a stronger borrower. You must put down or have 20% equity in your home. You must also have 6 months reserves which means you need to show you have 6 months worth of house payments saved up in a liquid asset prior to closing.
We are excellent in processing Jumbo Loans. Compared to other lenders out there are Jumbo Loans fly right through as easily as any loan we have ever done. It is a night and day experiences with us on Jumbo loans than other lenders that I have worked for in the past 20 years.
Jumbo Loan Credit Requirements
You need to have a 680 credit score or higher.
Get Pre-Qualified for a Jumbo Loan
If you are seeking a non-conforming loan that exceeds the conventional loan limit in Chesterfield MO, St. Charles MO, Imperial MO, House Springs MO and St. Louis MO, contact Best Rates Mortgage at (314) 412-1979 or fill out the form on this page today!