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.
When looking for a large home loan that exceeds the usual home loan amount, a jumbo loan could be the right mortgage choice 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.
Another term you may hear to describe a jumbo loan would be a non-conforming conventional mortgage. Conforming loans adhere to the stricter standards imposed by Fannie Mae and by Freddie Mac while non-conforming loans may be more costly but allow the buyer to exceed purchasing limits. A non-conforming loan is not backed by the federal government and do not have to meet the underwriting guidelines set by Fannie Mae and Freddie Mac.
Jumbo loans can come with a fixed interest rate or an adjustable rate depending on what is best for the home buyers needs. The homebuyer can also choose from a 15-year mortgage or a 30-year mortgage.
Who can benefit the most from Jumbo 15 year loans?
If a 15 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 typically a down payment of 20% or more in some cases. After a down payment is taken into consideration, the debt to income ratio is also looked over. Typically a lender supports a 45% ratio or below in order to qualify for this type of loan.
Another qualifying factor is the credit score. Typically a score above 700 is preferred but 720 is the average required amount. Finally, having ample cash reserves in the bank can be very helpful when seeking to get approved for a 15 year jumbo loan. Lenders use this to show you have enough to pay for up to a year of your mortgage payments.
If you’re looking for a luxury home and want to pay it off sooner, then a 15 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.
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.
City of Houston Assistance
Harris County AssistanceBuying 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 TodayCall 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.
7702 FM 1960 Road E. Suite 300,
Humble, Tx. 77346
© Copyright 2023 Firehouse Mortgage. All Rights Reserved. NMLS #1775668
Consumers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the texas department of savings and mortgage lending, 2601 north lamar, suite 201, austin, texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.Sml.Texas.Gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.Sml.Texas.Gov.
