Jumbo loans are different than conventional loans, and we’ve brought in our own
lender to explain how.
What is a jumbo loan?
A jumbo loan is a loan that is over $424,000. Anything below that is a conventional loan. Anything over that is a non-conforming loan.
A non-conforming loan is a separate loan product in and of itself, and there are different guidelines that come with it. When doing a jumbo loan, the minimum you can put down is 10%. If you can’t put down 10%, you’ll have to look at other options and perhaps do a first and second mortgage combo.
Harvest Bank has several products that correlate with jumbo loans. One of their hottest products is a 10/1 jumbo arm, which has interest rates as low as 3%. They also offer a 30-year fixed conventional jumbo loan, and those rates are right around 4.25% to 4.35%.
I want to give special thanks to Jared Bahr for joining us again today. If you have any more questions about jumbo loans or other loan products, you can call him at (913) 953-4036 or email him at firstname.lastname@example.org.
If you have any other questions, don’t hesitate to reach out to us. We’d be happy to help you.