Jumbo Loans for Home Mortgages in Ogden, Salt Lake City and across Utah made easy!
A Jumbo loan, also known as a Jumbo Mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA). It is essentially a non-conforming loan that allows a borrower to purchase or refinance a high value property.
Unlike conventional mortgages, a Jumbo loan is not eligible to be purchased, guaranteed, or securitized by Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Morgage Corporation). Jumbo mortgage loans are designed to finance luxury or high-end properties and homes in highly competitive local real estate markets such as what you see in Ogden, Salt Lake City and across Utah. Jumbo mortgage loans in Utah come with unique underwriting requirements and tax implications.
Typically to secure a Jumbo home loan, a Utah borrower must have a high credit score, healthy financial reserves and a 20% down payment.
We provide mortgage services for clients across Utah including:
Ogden, Salt Lake City, West Valley City, Provo, West Jordan, Orem, Sandy, St. George, Layton, South Jordan, Lehi, Millcreek, Taylosville, Logan, Murray, Draper, Bountiful, Riverton, Herriman, Spanish Fork, Roy, Pleasant Grove, Kearns, Tooele, CottonwoodGet in touch
Jumbo Home Loan Mortgage Advantages
- Loan amounts up to $2 million.
- Eliminates the need for secondary financing.
- Allows buyers to finance more expensive properties in counties with lower conforming loan limits.
- No prepayment penalties (even on ARMs).
Jumbo Home Loan Mortgage Disadvantages
- You will need a min 20% downpayment.
- You have to have a very high credit score to qualify.
- You need to have a high net-worth and healthy financial reserves.