A jumbo mortgage loan is a home loan whose amount exceeds the limit set by Fannie Mae and Freddie Mac. In Alabama, that limit is pegged at $647,200. If you take out a home loan that exceeds that, it will be considered a jumbo mortgage.
Jumbo mortgages are great because they allow borrowers to purchase high-end properties that they otherwise wouldn’t afford with a conventional loan. So if you’re thinking of purchasing a property in a high-cost county like Madison, you may want to consider a jumbo mortgage. Our jumbo mortgage experts here at Moreira Team will help you qualify for the full amount. Give us a call, and we will take care of your jumbo mortgage needs.
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Here is a list of some essential things to know about jumbo mortgages in Alabama:
Loan limit: the jumbo loan limit for Alabama is $647,200, in all counties.
Down payment: most lenders usually ask for 20% down, but you can still get a loan with 10% or even 5% down, particularly for the purchase of a residential property.
Mortgage insurance: lenders usually require borrowers to pay monthly mortgage insurance. But you can reduce the premium significantly by increasing the down payment.
Qualification: qualification standards for jumbo loans are not all that stringent. With a 680 credit score, 43% debt-to-income ratio, and proof of consistent income, you will almost certainly qualify for a jumbo mortgage.
Types: your options depend on the lender’s packages. But generally, there are adjustable-rate loans (most have a maximum period of 10 years) and fixed-rate loans of 15, 20 and 30-year terms.
Do you need a jumbo loan? think you can qualify for a jumbo mortgage? Give us a call, and we will help you get the best Alabama jumbo loan rates. Our experienced crew can shop your loan in order to get you a lower interest rate than conventional and even government-backed loans.
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