A jumbo mortgage loan is a home loan whose amount exceeds the limit set by Fannie Mae and Freddie Mac. In Texas, 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 Travis, 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.
Purchase Affordability Calculator
Maximum Monthly Payment (P&I Only)
Maximum Monthly Payment (Total Payment)
Max Mortgage Amount
Here is a list of some essential things to know about jumbo mortgages in Texas:
Loan limit: the jumbo loan limit for Texas 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 Texas 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.
Call Today! 404-238-7888
Get Your Mortgage Quick Quote!
Mortgage rates change daily and vary depending on your unique situation. Get your FREE customized quote here!
Get Your Mortgage Rate Quote!
Mortgage rates change daily and vary depending on your unique situation. Get your FREE rate quote here!
GO!No Credit Check or SS# Required5 out of 5Average Satisfaction Rating
What type of loan do you need?
Great! What type of property are you ?
Single FamilyMulti FamilyCondominiumTown HomeMobile Home