Jumbo loans are for buyers who are looking for high-valued properties. Simply put, a jumbo loan is any loan that exceeds the limit set by Fannie Mae and Freddie Mac for any specific area (currently $484,300).
Here at Sunray Mortgage, we work specifically with high-valued home buyers to assist in putting them into a loan that is best for them.
So, What are My Jumbo Loan Options?
Here at Sunray Mortgage, we have two options for jumbo loans for Texas home buyers. These options are often separated by the amount that the borrower decides they wish to put down on the house. They are specifically split to help borrowers with a downpayment and make sure they have the best monthly payment for their situation.
- Total Jumbo – This is Sunray’s product that exceeds $484,300. The borrower needs to have a credit score above 700 and will need to put down at least 20% of the home’s value. This option offers the lowest rates of our Jumbo products.
- Split Jumbo – This is Sunray’s product that assists our borrowers who cannot or do not wish to put 20% down on their home. We can set up 2 loans for the borrower simultaneously. The first loan would be at $484,300 (the conventional loan limit) and the second for the remaining balance after the borrower puts 5-10% down. This product has slightly higher rates (specifically on the second mortgage), but may be a good option because you only need to put down 5% minimum on the property of your choice.
Get a Custom Jumbo Loan Quote
Both of these options can be used to ensure you are receiving the best loan specific to your own goals and dreams. Contact your Sunray Mortgage Loan Expert about your jumbo loan options, and they will be happy to assist you in creating a mortgage quote.