Jumbo Loans are a great mortgage option for luxury homes or big real estate markets. Thanks to jumbo loans, you’re able to take out a greater loan amount than what a normal conventional loan will offer. This makes them perfect for people who are looking to buy a high-end home. When you’re ready to apply for a jumbo loan in St. Louis and start the home-buying process, trust USA Mortgage and our loan originators to help you find leading rates and options and help get your dreams closer to reality. Apply today and see just how simple we can make the mortgage process.
St. Louis Jumbo Loans
What is a Jumbo Loan?
A jumbo loan is a type of mortgage that exceeds the conforming loan limits of a conventional loan set by the Federal Housing Finance Agency (FHFA). Known as non-conforming loans, Jumbo loans can be used to purchase luxury residences, secondary homes, and investment properties. St. Louis borrowers who take out jumbo loans generally have strong credit scores and healthy incomes.
To be eligible for a jumbo home loan, requirements are more strict than your traditional conventional mortgage. Jumbo home loans require an outstanding credit score and a very low debt-to-income ratio (DTI). When you apply for this loan specific tax implications and underwriting obligations will be required. Finally, once approved for this mortgage, your down payment must be 10%-15% of the purchase price.
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Ready to live in luxury? Apply today and let our Mortgage Loan Originators work to provide the best rates and options that will work for you. When you choose USA Mortgage, you’ll witness just how effortless the mortgage process can be.