Qualify For a Jumbo Home Loan Today
Are you considering a jumbo home loan in Illinois but aren’t sure if you qualify? Despite the recent mortgage crisis over the past several years, United Home Loans is still one of Illinois’s top lenders for jumbo mortgage loans.
As specified in an earlier post from the United Home Loans blog, “Jumbo Home Loans in Illinois,” a jumbo mortgage is a home loan that’s set above the conforming loan limit that is specified by government-sponsored enterprises (GSE) such as Fannie Mae and Freddie Mac. Currently, the conforming home loan limit in most housing markets, including Illinois, is $417,000 and anything over this amount fits into the category of a jumbo mortgage loan.
In previous years, obtaining a jumbo home loan in Illinois required borrowers to only offer a down payment of 5%, while verifying income declared on the home loan application may not have been as strict. Today, however, to be assured of a jumbo mortgage from United Home Loans, home buyers should follow some basic, yet simple, guidelines:
· Be open to an adjustable-rate jumbo mortgage. Fixed-rate jumbo home loans may not be an option to many borrowers
· Be prepared to make a down payment of at least 20% of the purchase price, or have a minimum of 20% equity in a refinance situation.
· Plan for a slightly higher interest rate. Because jumbo loans can’t be sold to larger home loan lenders such as Fannie Mae and Freddie Mac, rates tend to be higher. But despite the fact jumbo loans are above the conforming limit to such lenders, United Home Loans still offers the most competitive rates around on jumbo home loan mortgages.
· Prove your income. Of course, the risk with jumbo home loans is much higher for mortgage lenders, so being able to document your annual income will go a long way in a jumbo mortgage approval.
For more information on jumbo home loans offered around Chicagoland, contact United Home Loans today, or check out our current jumbo home loan rates in Illinois.
Get a FREE mortgage quote from United Home Loans!