Jumbo Mortgage Programs

NJ Lenders Corp.

If your financial situation is on the upswing, a jumbo loan can be a good way to bypass a starter home

A jumbo loan is a great tool to help you purchase the full-sized home of your dreams. Here at LendGen, we serve our clients’ needs by offering excellent customer service, increased flexibility, and competitive jumbo loan rates. 

What is a Jumbo Mortgage?

A jumbo mortgage, also known as a non-conforming loan, is helpful if you’re looking to secure a mortgage in a high-cost area. A jumbo loan exceeds the maximum Fannie Mae high-balance or conforming loan limit, a figure that is dependent on where you live. If you need to take out a loan over the conforming loan limit, a jumbo mortgage can be the best way to secure a large and beautiful home. 

Jumbo mortgages can help you to rapidly build your credit. If your jumbo loan payments are consistently made on-time, your credit score will consistently improve as well. It may be more expensive, however, to refinance a jumbo loan due to increased closing costs. 

Different Types of Jumbo Loans

There are two different types of jumbo loan options: Adjustable Rate and Fixed Rate. 

Adjustable Rate Jumbo Loans

Adjustable rate jumbo loans come with potentially changing interest rates. Because the borrower assumes some risk, these interest rates are typically some of the lowest on the market. This type of jumbo loan is the best option for those that are anticipating a significant increase in income or property value over the next several years. An adjustable rate jumbo loan is also beneficial if you are only planning on staying in your home short-term or are looking to lower your payments. Adjustable jumbo loan rates typically come in 3-, 5-, and 7-year mortgage lengths.  

Fixed Rate Jumbo Loans

Fixed rate jumbo loans offer consistent monthly payments despite potentially rising interest rates. A fixed rate jumbo loan allows for easier budgeting and a greater peace of mind. 

How to Make a Jumbo Loan Work for You

While jumbo loans traditionally require greater down payments than conventional mortgages, independent mortgage bankers like LendGen are offering competitive rates at 20% down with the potential of no more than 10% for qualifying homebuyers. If a jumbo loan makes sense for you, they offer a fair amount of flexibility when it comes to purchasing a higher-quality property. 

The home of your dreams could be within reach as LendGen offers jumbo loans with up to an 80% LTV, up to $3,000,000. A loan to value (LTV) is the amount you’re able to borrow in relation to the value of your home. 

LendGen also offers qualifying homebuyers the ability to opt for cash-out refinances at rates of up to 75% of their home’s current market value. While many of the larger banks have eliminated this option, independent mortgage bankers are offering the ability for you to use a cash-out refinance for your home improvements, renovations, and other investments. 

These additional offerings provided by LendGen allow for greater flexibility in securing a jumbo loan. From more attainable credit requirements to lessened reserve requirements, LendGen is here to help you secure your dream home on your terms. 

Are You Considering Taking Out a Jumbo Loan? 

If you’re looking to take out a jumbo loan, you can feel confident in ending your search here. LendGen is committed to offering greater flexibility, cash-out refinances, reduced reserve amounts, and more, in the interest of building long-lasting relationships with our clients.

Talking to a licensed loan officer is the first step in securing the best financing for you. After years in the industry, we’re confident in our ability to provide you with the answers you’re looking for, which is why we offer a variety of mortgage programs, including competitive Jumbo mortgages. Give us a call today to speak to one of our lending officers about your options.