Jumbo loans allow you to borrow above traditional limits so you can purchase a more expensive home.
What Is a Jumbo Loan?
A jumbo mortgage is a loan that helps homebuyers purchase larger properties and luxury homes. Jumbo loans exceed the maximum, conforming loan limits established by Freddie Mac and Fannie Mae, two federally backed home mortgage companies created by the United States Congress. Any loan above $548,250 is considered a jumbo loan.
In today's competitive real estate market, purchasing your ideal home can seem nearly impossible. Midland States Bank helps make your homebuying dreams a reality with a jumbo loan. Whether you want to purchase a luxury home, a large property or a house in a sought-after area, we'll help you find a solution that works best for your needs. Partnering with us allows you to:
Higher loan amounts.
Borrow more money to purchase a larger, higher-end property in your desired area. Many homes you couldn't afford with a standard conventional loan become attainable when you take out a jumbo loan.
Mortgage rate options.
Choose from fixed- and adjustable-rate jumbo mortgage loans. We'll help you find the right option for your specific financial needs and goals.
Consolidated financing.
Rather than taking out multiple loans to finance your home, you'll have just one with a jumbo loan. Managing your finances can be easier and more convenient when you're only dealing with one loan.
Specific qualification requirements vary by lender. Generally speaking, the requirements tend to be strict because the loan amount is so high. Lenders will review factors like your credit score, debt-to-income ratio and how much cash you have on hand to determine if you qualify.
If you pay less than 20% for your down payment, you will likely need to take out private mortgage insurance on your jumbo loan.
You can buy almost any type of standard housing with a jumbo loan, including single-family homes and condos.
Midland States Bank is a diversified financial services company. We offer everything from personal banking to mortgages to wealth management. Our experts genuinely care about your financial goals, and they have the knowledge and experience to help you reach them.
Take the first step in buying a home and apply online today. You can also contact a mortgage expert to review your options.
