Three Types of Homes You Can Get With A Jumbo Loan at NHL Lending

The stereotypical American dream is to buy a large, beautiful house with a white picket fence and expansive green lawn. While that is still on many people’s wish lists, how many can actually afford it? With the Jumbo loan though, many can. For the luxury estate, the working ranch, or the entrepreneur’s home-office or studio, they all cost a pretty penny. That is why the jumbo loan is key for making these dreams comes true. Regardless of your walk of life, let everyone here at NHL Lending help you succeed in getting your dream home.

Jumbo Loan

To start your process for the home of your dreams, contact NHL Lending today

With fast and reliable service, Nationwide Home Loans is a licensed mortgage lender and has some of the best mortgage rates, enabling you to save money on your new housing purchase.

With the jumbo home loans in Fort Lauderdale, we not only offer the best rates, but we provide wonderful customer service and assistance through our professional staff who have extensive knowledge. They are ready and willing to help you at every turn. Take advantage of all our helpful resources. We are here for you. There are countless benefits to using our lending services. We avoid the “turnaround time”, underwriting and processing delays of big bank dependence. We also know how to capture financial market events that benefit you. Our automated technology platform keeps our clients updated from application to closing, and our local real estate, builder, and professional contracts facilitate improved decision-making.

We even offer online prequalification so do not wait to contact us and see if you qualify! Call for a free, no-obligation consultation.
Let Nationwide lending in Fort Lauderdale, Florida help you decide on a budget and finance your home. It is the goal of our team that you get the house you want at the price you deserve. Here are a few mortgage/loan options you should consider. We can help you choose which is best for your situation. We provide conforming loans, FHA loans, VA Home Loans for veterans, jumbo loans, or reverse mortgage loans. Once you have decided which option works best for you, we can help you with the process, every step of the way.

NHL Lending explains what jumbo loans are

When it comes to expensive homes, we have the Jumbo loans. A jumbo mortgage is a home loan with an amount that exceeds conforming loan limits. The limit is $453,100 in most parts of the United States but is $625,500 in the highest-cost areas and in-between in others. Basically, ‘jumbo’ just means the loan exceeds the loan limit set for the metro area where the home is located, so in one county it can be a jumbo loan, but in the neighboring county, it could simply be a conforming loan. Because the cost of a jumbo loan is higher than a standard loan, you can expect higher jumbo mortgage rates in Fort Lauderdale for a jumbo loan. Keep in mind though that even a loan amount of $1 more than the loan limit for your county will put you into the jumbo loan status.

Now that you know what a jumbo loan is, you may be wondering what you need to qualify for a jumbo loan. Well, if the price of the home exceeds the conforming limit of $453,100, which is set by Fannie Mae or Freddie Mac, then a jumbo loan is needed. (In counties with high home prices, the conforming limit is higher — up to $679,650.)

To qualify for a jumbo loan, you will need to meet the following criteria: minimum credit score of 680 (a lower credit score may be accepted if a larger down payment is put down), minimum down payment of 20% (sometimes can be lower), debt to income ratio cannot exceed 43% (some lenders will deviate from this percentage), and the applicant must have all paperwork including the proof of income, proof of liquid assets, paperwork on any other loan, and evidence of non-liquid assets. If you satisfy these requirements, the next step is to find a good lender. Call our office today.

By |2018-11-02T17:36:32+00:00September 13th, 2018|blogs|0 Comments

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