Jumbo Loans
Planatek specializes in providing flexible home mortgage loan options. A jumbo loan can be used to pay for a primary residence, second home, vacation property, or an investment property. Why is it considered jumbo? The reason is the amount of the mortgage exceeds the limits of Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency (FHFA). Currently (May 2020) Ventura County has conforming loan limits of $713,000 for a single family residence and $765,600 in Los Angeles county. A loan exceeding these amounts would be considered jumbo loans. Jumbo loans come with a variety of terms. They can be fixed-rate or adjustable-rate loans.
how do i
Get a Jumbo Loan?
Closing on a jumbo loan can be tricky. These loans aren’t guaranteed by Fannie Mae and Freddie Mac and are riskier for lenders. If the borrower defaults, the lending company is not protected.
Our loan specialists work with you to determine whether you qualify for a jumbo loan and how you can improve your financial situation to become eligible. Determining factors for approval include your credit score, debt-to-income ratio, and cash reserves in the bank.
While interest rates, closing costs, and fees may be higher than with a conforming loan, our financial specialists will share all the details of the loan that’s right for you.
Interest rates may vary with market conditions, and loan limits vary by location. We will provide everything you need to know to make a sound decision.
Contact Planatek Today
Contact
Get In Touch
Sharing our knowledge and expertise comes natural to us. Our team is friendly, compassionate, and ready to start working with you. Consult with us at no cost to see what we can do for you. Whether you’re just starting out, looking for your perfect vacation or investment home, or planning for retirement, meet with us and we’ll see how we can improve your financial outlook. Contact Planatek Today!