Because great big homes come with great big price tags.
A jumbo mortgage is a home loan for an amount that exceeds the conforming loan limits established by the Federal Housing Finance Agency. For most counties in the United States, the conforming loan limit is $647,200. Other higher-cost areas carry limits up to $970,800.
What are some other differences with jumbo financing? Well, jumbo mortgages typically have higher down payment requirements and stricter underwriting than conforming loans. In addition, at least 6 months’ worth of reserve funds (i.e. monthly housing payments) is required.
Here’s what Ardent brings to the table:
- Loan amounts up to $1.5 million
- Purchases and refinances for primary or secondary residences
- For qualified borrowers, purchase financing available up to 95% of sales price/appraised value on primary residences.
- Reduced Private Mortgage Insurance (PMI ) premiums (for mortgages in excess of 80% Loan-to-Value)
- Terms available for 10, 15, 20 and 30 years
- Adjustable Rate Mortgages and Fixed Rate financing available (dependent on term and down payment)
- Average application processing time is 45-60 days (when two appraisals are required)
- Mortgage origination fee $895 (regardless of loan amount). Other closing costs such as title insurance, appraisal and transfer tax are separate.
- Financing available in all states except Texas and Puerto Rico
- No pre-payment penalties
- Simple online application process
Talk to us. Contact our mortgage specialists at email@example.com.