Jumbo Loans are designed for homes that exceed the maximum loan limit set by Fannie Mae and Freddie Mac. If you are looking for a luxury home that has a high home value and you don't have the cash on hand to buy your house outright, you will most likely need a Jumbo Mortgage.
If you are looking for a home in the Chicago Illinois area, the maximum amount you can borrow with a conventional loan is $417,000. If you need to borrow more than this, let us help you get qualified for a Jumbo Home Loan!
Our knowledgeable team will help you decide whether a jumbo loan is your best option, and all of the information you need to ensure you are educated on the whole process. Since jumbo mortgages deal with higher loan amounts, borrowers typically need to have higher credit scores and higher down payments to qualify than something like an FHA or USDA loan.
Since banks are taking a bigger risk with the loan amount, there is typically a higher interest rate associated with this loan as well. The loan process can be overwhelming, so our team wants to help you look at all of your options and help decide what the best option for you is. We have several funding sources available, so we can help you shop around and find great rates and terms.
If you want to learn how a jumbo loan works and see how much you can qualify for, call us today 708-945-3315 or fill out our quick online form. We can help you get pre-approved so you know exactly how much you can afford and qualify for, and help present the strongest offer possible on your new dream home.