Ask about Beacon Gold 5% Down or 95% LTV
What are Jumbo loans? They are non-conforming loans, loans that exceed the maximum loan amount set by government guidelines of the Federal Housing Finance Agency (FHFA). Since the Agency has recognized that real estate markets varying geographically by demographics of income and number of people in the household and sale prices of homes, some being situated in higher-cost real estate markets such as New York and San Francisco, one must look at the FHFA chart by County look-up in order to determine whether ones property is subject to the max and what the maximum lending limit is in that county.
If you find that the property that you own or are shopping for exceeds the agency limits, then you will be shopping for a JUMBO LOAN, or a NON-Conforming loan. Non-conforming loans are of course subject to the sensitivity of lending risks born by its investors. Some investor are more risk adverse than others. Investors minimize their risks in extending financing based upon the collateral value and the strength of the borrower's credit scores. Often a borrower doesn't escape the rigors of Full Documentation of Income and Valuation review. Some lenders may even require two appraisals just to guarantee themselves that the opinion of value is reliable.
Fortunately for the past two years the Federal Housing Finance Agency has consecutively increased the loan limits especially in certain certain “higher-cost areas” that are above the National baseline. 2017 Baseline limit was set to $424,100. the 2018 maximum conforming loan limit for a single-family home is $453,100.
Our job as your mortgage broker is to make you look attractive on paper and fit your credit history and individual profile into the box. If the property you own or are purchasing calls for a loan amount in excess of the set limits, Beacon Point Mortgage has many individualized non-conforming loan products to meet your demand. Beacon point is your broker for safe lending options with a sea of alternative financing solutions. Check-out our 95% LTV Jumbo.
The great thing about our mortgages is that we offer HIGH BALANCE, non-Jumbo Loans without the usual required required Private Mortgage Insurance (PMI) dictated by most conventional financed loans.