Do You Need a Jumbo Home Loan?
Jumbo loans from the Magnolia Bank in Columbia, Missouri offer maximum flexibility for financing your home. With high purchasing limits, lower down payments and competitive fixed and adjustable rates, a jumbo loan from Magnolia Bank may be a viable home financing option. Jumbo mortgages are a good solution for borrowers who are looking to buy a higher-priced home in Columbia, MO and across the United States.
- Do you need a home mortgage between $417,000 and $3,000,000?
- Do you need competitive and flexible jumbo loan rates?
- Are you looking to purchase or refinance a higher-priced home?
- Are you looking for a quick turnaround for your jumbo loan purchase?
If you answered “Yes” to any of these questions, Magnolia Bank in Columbia, MO is the perfect mortgage lender for you. Call us today or fill out the form on the side to get in contact with one of our loan officers.
What is a Jumbo Mortgage Loan?
- Any loan over the conventional loan limit ($417,000) is considered a Jumbo Loan.
- Conventional loan limits vary from state to state, reaching $625,500 in some of the highest-cost areas.
- Interest rates will also vary depending on where your property is located.
- Choice between fixed and adjustable rates.
- Credit scores as low as 700 may qualify.
Jumbo Loan Requirements & Qualifications
- Debt-to-income ratio – When applying for a qualified mortgage, your debt-to-income ratio cannot exceed 43%.
- Required reserve amount – The required reserve amount for jumbo loan borrowers can be as high as 20 percent of the value of the loan.
- Credit scores – Due to the higher value of these loans, credit score requirements are higher for jumbo loan applicants.
- Documentation – When applying for a qualified mortgage, you will need documentation of your income.