Why a Jumbo Loan?
- Loan exceeds $424,100
- 5% and 10% down payment options
- Rates similar to conforming loans
Why United Home Loans?
- Local to Chicagoland
- Work with a dedicated loan expert
- Independent, family-run firm
What are People Saying?
- "Don't mess with other companies."
- "UHL makes mortgages stress free."
- "Every employee is attentive."
Jumbo Loans Explained in 60 Seconds…
Do I have to put 20% down to get approved for a jumbo loan?
Not anymore. A jumbo mortgage is possible with as little as 10%, or even 5%, down. Of course, there are plenty of restrictions to go along with that such as credit, income, and loan amount limits, but the options do exist and the rates are very competitive.
What is the minimum credit score for a jumbo loan?
Typically, the minimum credit score is 700 for jumbo mortgage approval. However, some programs allow a credit score of 680 or lower, but be prepared to pay a higher rate for jumbo loans with lower credit scores.
Is it better to get jumbo loan at a fixed rate or an adjustable rate (ARM)?
That totally depends on your situation. However, many jumbo borrowers will leverage the lower rate offered on an ARM to pay their loan balance down at a faster pace. This approach requires discipline and additional payments every month, so make sure you discuss your plan with a jumbo mortgage expert before going down that path.