Arkansas Jumbo Loan
A jumbo mortgage loan is a loan whose amount exceeds the borrowing limit set by Fannie Mae and Freddie Mac for conforming loans. The current conforming limit in Arkansas is $806,500 for a single-family unit. If you take a mortgage with an amount that exceeds that limit you will have to get a jumbo mortgage.
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Jumbo loans are necessary for many reasons, but the biggest advantage to you as a homebuyer is that they allow you to make high-cost home purchases. The high value of an Arkansas jumbo loan makes it riskier from the perspective of the lender. That is why you may face stringent qualification requirements compared to when you are applying for a conforming or government loan. For instance, 20% down payment is a common requirement, but some Arkansas lenders can go as low as 10 or 15% as long as you have sufficient income and assets. Another common requirement is a FICO score of at least 680.
The stringent qualification standards don’t necessarily mean you can’t qualify for an Arkansas jumbo loan with ease. If you have a good real estate company behind you, the whole process becomes much easier. In case you need help with your jumbo mortgage loan don’t look any further than Moreira Team.