A jumbo mortgage loan is a home loan whose amount exceeds the limit set by Fannie Mae and Freddie Mac. In Virginia, that limit is pegged at $510,400 for most counties and cities. And can be as high as $765,600 in other counties and cities. 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 Frederick or Montgomery, 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 Virginia:
Loan limit: the jumbo loan limit for most counties in Virginia is $510,400. In Amelia, Caroline, Charles, Chesterfield, Cumberland, Dinwiddie, Goochland, Hanover, Henrico, King and Queen, King William,Louisa, New Kent, Powhatan, Prince George and Sussex counties the limit is a little higher at $535,900. The jumbo loan limit amount is also $535,900 in the cities of Colonial Heights, Hopewell, Petersburg and Richmond. In Arlington, Clarke, Culpeper, Fairfax, Fauquier, Loudoun, Madison, Prince William, Rappahannock, Spotsylvania, Stafford and Warren counties the limit is much higher at $765,600. The jumbo loan limit is also $765,600 in the cities of Alexandria, Fairfax, Falls Church, Fredericksburg, Manassas and Manassas Park.
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 Virginia 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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