Staples Group Mortgage | St. George, Utah

Jumbo Loans

Jumbo Loans

You’ve worked hard, scrimped, and saved. You have earned the right to purchase the home of your dreams. That could be possible with a jumbo loan!

What Makes a Jumbo Loan?

A loan is considered jumbo if it is for a single-family home and exceeds $510,400 (as of 2020). A loan is also considered jumbo if it exceeds the Fannie Mae and Freddie Mac maximum loan size in your location. Jumbo Loans are intended for residences with a greater purchase price. If you are ready to buy or build your dream home, a Jumbo Home Loan might be for you and your family!

Qualifying conditions for these larger home loans can be a little more stringent, requiring greater credit scores and down payments. The rules for Jumbo Loans are similar to those for conventional loans, but borrowers need to have higher “reserves” than with other loan types.

You can also choose to increase your down payment and borrow less than $484,350. This would be very realistic if the mortgage is only slightly above the jumbo loan threshold. Additionally, there are other creative financing options that The Staples Group can help you with! Once of the most common ways to do it is through an 80-10-10 loan. This means you may have to only put 10% down to avoid mortgage insurance.  We are ready to help you purchase your dream home.

*Loan terms and limits subject to change. This page is meant for educational purposes and is not a commitment to lend.

Why We Chose a Jumbo Loan

I moved across the country for a new job opportunity in Southern Utah. As I didn’t know any local lenders, my realtor recommended I use Becky for my VA loan. I am glad I did. She and her team kept me very informed and I felt like they were very organized. This helped take some off the load of for me during the big move. I would definitely recommend them to my family and friends!

-The Hicks Family

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