Jumbo Home Loans

A Jumbo loan, also known as a non-conforming loan, is a mortgage that exceeds the maximum loan limits set by the Federal Housing Finance Agency (FHFA). These loan limits vary by county and are based on the median home price in the area. Jumbo loans are typically used to finance luxury properties or homes in high-cost areas where the borrower may not qualify for a conventional mortgage due to the size of the loan.

There are several types of jumbo loan programs available, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), and interest-only mortgages. Fixed-rate mortgages offer a set interest rate for the life of the loan, while ARMs have a variable interest rate that can change over time. Interest-only mortgages allow the borrower to pay only the interest on the loan for a set period of time, after which the borrower must begin paying both the interest and the principal.

Jumbo loan programs may also offer additional options for borrowers, such as the ability to make a smaller down payment or to finance a higher loan-to-value ratio (LTV). For example, some lenders may offer a jumbo loan program with a 10% down payment and a 90% LTV, while others may require a 20% down payment and an 80% LTV.

In summary, a jumbo loan is a type of mortgage that exceeds the maximum loan limits set by the FHFA and is typically used to finance luxury properties or homes in high-cost areas. Jumbo loans may require a higher down payment, a stronger financial profile, and may come with higher interest rates and stricter lending requirements compared to conventional mortgages. There are several types of jumbo loan programs available, including fixed-rate mortgages, ARMs, and interest-only mortgages, and borrowers should carefully consider their financial situation and goals before applying.

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Licensing

NMLS 1387311
License 125388
Alabama License 23266
Colorado License
Florida License MBR5867
North Carolina License B-214180
Oklahoma License MB015306
South Carolina License
Tennessee License 125388

Contact Us

Foundation Mortgage
2160 Lakeside Centre Way
Suite 100
Knoxville, TN 37922

Number:
(865) 392-5450

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