Worried that you can't afford the house you need, even with a mortgage? If you dream of a home big enough to fit your lifestyle, you should talk to a lender in Missoula, MT to see if you qualify for a jumbo mortgage.
Primary Residential Mortgage, Inc. helps clients apply for specialized loan programs, including jumbo mortgages. These non-conforming loan options allow you to get the money you need to buy a home-even if you don't qualify for a conventional, FHA or VA home loan.
Not every homebuyer can qualify for a conforming, FHA or VA home loan. Even if you do qualify, the terms of these loans might not work for you. That's where specialized loan programs come in. Fannie Mae and Freddie Mac set upper limits on the mortgage amount they will accommodate. Currently, this limit is $484,350 for most counties that aren't in 'high cost' areas. Any loan amount above this limit falls into the jumbo mortgage classification.
Jumbo loans are very similar to other lending programs but have a few unique characteristics. Primarily, borrowers need to possess a higher degree of financial stability and have the ability to put a minimum of 20% down on a home purchase. Also, the types of jumbo loan programs are somewhat more restricted than conforming loan options.
The other area of specialized loan programs is termed the Alt-A, or brokered arena. Parameters of these loans will accommodate borrowers whose credit or income qualifications fall outside the conforming, FHA or VA boxes. The opportunities these types of loans provide can be attractive to 'non-typical' borrowers who desire financing they would not otherwise be able to attain. This arena is served by numerous private investor sources that will assume the risk presented by these borrowers for increased interest rates and fees.
The home you've always wanted is waiting for you-call Primary Residential Mortgage in Missoula, MT now to start exploring specialized loan programs.