Jumbo Financing Options
If you have a higher property value and can manage larger monthly mortgage payments, consider a jumbo, or non-conforming. loan. A jumbo loan provides financing for loan amounts higher than the maximum conforming limits set by Fannie Mae and Freddie Mac. A conforming first mortgage plus a home equity line of credit may provide greater payment flexibility. Both are available for purchase and refinance loans (including cash-out refinances ).
Mortgage + home equity financing
- A “non-conforming ” loan with mortgage amounts above the maximum conforming loan limits.
- Available in a variety of fixed-rate and adjustable-rate loan options.
- You may be able to add extra mortgage features, such as a temporary buydown .
- This loan pairs a “conforming ” first mortgage with a home equity line of credit.
- The first mortgage is available in a variety of fixed-rate and adjustable-rate loan options — the home equity line of credit has a variable interest rate .
- You may be able to add extra mortgage features, such as a temporary buydown.
- Obtain financing for loan amounts higher than the Fannie Mae and Freddie Mac conforming limits.
- Get the convenience of one loan for the entire loan amount.
- Choose from a variety of loan options.
- Access additional potential benefits through our Private Mortgage Banking (PMB) group.
- Have ongoing access to your available equity without reapplying.
- Choose to advance funds at the line of credit variable rate or advance funds and lock in your rate with a fixed-rate advance.
- You build equity at a slower pace because payments during the first several years go largely toward interest rather than the principal balance.
- You will have to make two separate monthly payments.
- With the variable interest rate on your line of credit balance, your monthly payments may increase or decrease as interest rates fluctuate.
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Equal Housing Lender
Non-conforming mortgage loans
Loans that do not satisfy the underwriting guidelines and loan amount limits set by Fannie Mae and Freddie Mac.
Fannie Mae and Freddie Mac
Congressionally chartered, shareholder-owned corporations that were created to help support a reliable and affordable supply of mortgage funds. They buy mortgages from lenders for their portfolios or to sell as packaged securities.
Conventional conforming mortgage
A mortgage that is not obtained under a government program (FHA or VA) and satisfies the underwriting guidelines and loan limits set by Fannie Mae or Freddie Mac.
Variable interest rate
An interest rate that may fluctuate or change periodically, often in relation to an index, such as the prime rate or other criteria. Payments may increase or decrease accordingly.
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