Illinois Jumbo Mortgage Loans to $2,000,000 with Only 20% Down
Jumbo mortgage lending guidelines continue to loosen as banks and mortgage lenders cater to the high end home buyer. Previously, many lenders were requiring as much as 30% or more down for loan amounts over $1,000,000. Jumbo mortgage loans are for any mortgage amount that exceeds $417,000 for a one unit property (single family detached, townhome or condo).
United Home Loans has recently improved their jumbo lending guidelines. Here are a few key changes for the jumbo mortgage borrower:
- Loan amounts to $2,000,000 with 20% down for primary residence purchases, including condos
- Loan amounts to $1,500,000 with 30% down for second home purchases
- Interest only jumbo mortgage loans allowed with down payments of 35% or more
Interest rates for jumbo mortgage loans continue to improve and, in most cases, are now lower than interest rates for conforming loans. United Home Loans is an expert in jumbo mortgage lending. If you have a loan amount between $417,000 and $2,000,000, take a few minutes to review your current loan terms to determine if it makes sense for you to refinance. If you have any questions regarding jumbo mortgage lending guidelines for Illinois homes, please call Mike Dulla, President, at (708) 531-8317.