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10/3/2019
In addition, Horizon Lending Services, LLC offers competitive rates with a varied line of residential mortgage products and financial solutions. These mortgage products include:

Jumbo loan rate is the rate of interest that is taken against the Jumbo loan. Jumbo loan is one of the types of financing activity that exceeds the limits set by the Federal Housing Finance Agency FHFA. Jumbo loan is different from normal loan schemes provided by the banks .It is also known as Jumbo Mortgage. Conventional mortgages are eligible to purchased, guaranteed, or securitized but   Jumbo loan is not eligible to be purchased, guaranteed, or securitized. Jumbo loans are for the finance luxury properties and homes in highly competitive local real estate markets. Jumbo loans came to market with unique underwriting requirements and tax implications. Jumbo mortgages have gained traction as the housing market continues to recover following the Great Recession

The value of jumbo loans varies by state and even country too. The FHFA sets the conforming loan limit size for different areas on an annual basis, though it changes infrequently. As of 2019, the limit was set at $484,350 for most of the country. That was increased from $453,100 in 2018. For counties that have higher home values, the baseline limit is set at $726,525, or 150% of $484,350.

The FHFA has a different set of provisions for areas outside of the continental United States for loan limit calculations. A The baseline limit for a jumbo loan in Alaska, Guam, Hawaii, and the U.S. Virgin Islands as of 2019 is also $726,525. That amount may actually be even higher in counties that have higher home values.

How a Jumbo Loan Works

If you have your sights set on a home that costs close to half a million dollars or more—and you don't have that much sitting in a bank account—you're probably going to need a jumbo mortgage. And in the process of trying to land one, you’ll face much more rigorous credit requirements than homeowners applying for a conventional loan. Here more risk present, because more money is involved.

Same as traditional mortgages, minimum requirements for a jumbo have become increasingly stringent since 2008. To get approved a Jumbo loan, you’ll need a stellar credit score 700 or above and a very low debt-to-income (DTI) ratio. The DTI should be under 43% and preferably closer to 36%. Although they are nonconforming mortgages, jumbos still must fall within the guidelines of what the Consumer Financial Protection Bureau considers a “qualified mortgage”—a lending system with standardized terms and rules, such as the 43% DTI.

Jumbo Loan Rates-As Jumbo mortgages used to carry higher interest rates than conventional mortgages, the gap has been closing in recent years. Recent, the average annual percentage rate (APR) for a jumbo mortgage is par with conventional mortgages and in some cases, actually lower.

The government-sponsored enterprises also can't handle them. Jumbo loans are securitized by other financial institutions. These securities carry more risk, that's why they trade at a yield premium to conventional securitized mortgages. This spread however has been reduced with the interest rate of the loans.

Who Should Take Out a Jumbo Loan?

How much you can ultimately borrow depends completely, on your assets, your credit score, and the value of the property you're interested to buy. Jumbo mortgages considered most appropriate for a segment of high-income earners who make between $250,000 and $500,000 a year. 

Special Considerations for a Jumbo Loan

Just because you may qualify for one of these loans doesn't mean you should take one out. You certainly shouldn't if you are counting on it furnishing you with a substantial tax break, for example.


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Purchasing a home is one of the biggest decisions and investments a person will make in their lifetime. Horizon Lending Services, LLC wants to turn the home of your dreams into reality.
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