Firehouse Mortgage Jumbo 30-Year - FireHouse Mortgage

Jumbo 30-year Loan

When you are buying or refinancing for a large home loan that exceeds the standard home loan amount, a jumbo loan could be the right mortgage option for you. Home loan limits and amounts are generally determined by the Federal Housing Finance Agency (FHFA). These loans are too costly for a typical conforming conventional loan and typically exceed the amount of $548,250. This amount could vary depending on the market and location and in other areas, exceptions could still be made.  

A jumbo loan is also known as a non-conforming conventional mortgage. When you think of conforming loans, these type of loans will adhere to the stricter standards imposed by Fannie Mae and by Freddie Mac while non-conforming loans such as jumbo loans, may be more pricey but allow the person purchasing or refinancing the home to exceed purchasing limits. A non-conforming loan is one that is not backed by the federal government and does not have to meet the underwriting guidelines set by Fannie Mae and Freddie Mac.

Jumbo loans can come with an ARM (adjustable rate mortgage) or a predictable fixed rate depending on what is best for the home buyers’ necessities. The homebuyer can also choose from terms of 15 years for their mortgage or a term of 30 years.

Who can benefit the most from Jumbo 30 year loans when it comes to mortgage options?

If a 30 year jumbo loan sounds like the right choice for you, there are several criteria you will need to fulfill in order to qualify. The first requirement is a down payment. Generally speaking, 20% or more in some cases are put down in order to consider the loan approval. After a down payment is reviewed, the debt to income ratio (DTI)  is also reviewed. Typically a lender supports a 45% ratio or below in order to qualify for a 30 year jumbo loan. 

Another factor that will need to be reviewed is the homebuyers credit score. Ordinarily a score of 720 is used as a qualifying factor. Lastly, when seeking approval for a jumbo loan, having ample cash reserves in the bank are very useful. Lenders typically use this to factor in for their qualifications to show that they home purchaser will  have enough to funds for up to one year of their mortgage payments.

If you’re looking for a luxury home and want lower down payments then a 30 year jumbo mortgage may be just the right option for you. Contact one of our qualified loan officers at Firehouse Mortgage today and let’s get you in the home you deserve.

CONVENTIONAL LOANS

  • Terms of 15 or 30, or any year in between
  • Down payment as low as 3% for First Time Home Buyers
  • No Mortgage Insurance with 20% or more down payment
  • Cash out refinance options available
Apply Directly With Firehouse Mortgage Here
services

FIREHOUSE MORTGAGE

Firehouse Mortgage offers professional mortgage brokering services to homebuyers in Houston Texas. We strive to attain the highest level of customer service satisfaction and trust.

Conventional Loans

  • Terms of 15 or 30, or any year in between
  • Down payment as low as 3% for First Time Home Buyers
  • No Mortgage Insurance with 20% or more down payment
  • Cash out refinance options available

FHA Loans

  • Terms of 15 or 30 years
  • Down payment as low as 3.5%
  • Credit score as low as 580
  • Allows more people the opportunity for homeownership

USDA Loans

  • 0% down payment
  • Rural counties qualify

VA Loans

  • Terms of 15 or 30 years
  • 0% down payment
  • Loan amounts up to $2 million
  • For active duty, reservists or retired Military
Down Payment Assistance
consultation

Let Us Help You Apply With Firehouse Today

Buying your first home? make it your dream home. We’ll work with your budget. From our community to yours, our service to the public has been our commitment. Our integrity, customer service, and professionalism has served our country, our family-values have served our community, let our commitment serve you.

Apply With Us Today
contact

We’d Love to Hear From You

Call us today for a hassle-free consultation. We can help you find the perfect home for you and your family. Let Firehouse Mortgage handle the stress of getting your dream home, so you can enjoy it the way you deserve.

Phone

Voice: 281.668.9622
Fax: 832.201.7077

Address

7702 FM 1960 Road E. Suite 300,
Humble, Tx. 77346