If you are looking to purchase a large home, you may have found that you have trouble qualifying for a conventional loan. Conventional loans have maximum limits that are set by Fannie Mae and Freddie Mac. In the state of Missouri, the lending limit for conventional loans through out the state of Missouri can not exceed $417,000. What does this mean for you? If you are looking to purchase a home over that amount, you will need what is called a jumbo loan. Prime Lending specializes in helping clients find the best jumbo loan for each of our clients. We help clients from Springfield and the surrounding communities like Ozark, Nixa and can help finance a jumbo loan through out all of Missouri.
Jumbo loans are also sometimes known as non-conforming loans, because they don’t conform to the standards set by Fannie Mae and Freddie Mac. Because jumbo loans are not backed by either of the two government corporations, many lenders may be more weary about writing loans for these amounts. A result of this insecurity, many lenders have stricter guidelines and qualifications to make sure they are lending to those that will be able to afford the loan. This makes it very important to work with an experienced jumbo loans lender like Prime Lending.
The advantage is that we work with multiple different jumbo loan lenders, so we can shop around to find you the best rates. Each lender values something differently, and we will be able to take your unique financial situation and find the loan that will fit you best. Because the loan amount is so high, we can end up saving you thousands of dollars each year in interest rates. Think of it this way if you were to purchase a home that is $450,000 at the current jumbo loan rates as of October 2012 which can be as low as 4%, that means your monthly mortgage payment would be around $2,100. Then lets say you get a rate just a little higher of 4.3% the monthly payment goes up a hundred a month $2,200, and if you look at that over a year that’s $1,200 more you’d be spending on that home. We will help ensure you aren’t paying more than you need to be on your mortgage.
If you are looking to purchase a higher end home, then talk to us to see if we can find a jumbo loan program that is right for you. Let us take a look at your situation and we’ll give you a free rate quote. In most cases we’ll be able to get you a better rate because of our experience in lending jumbo loans. You can start by using our Mortgage Assistant tool. Whether you live in Srpingfield, Ozark or Nixa, we look forward to hearing from you and helping you with your jumbo loan lending needs.
