The Federal Housing Finance Agency (FHFA) sets the levels of what are known as "conforming loans". During 2015, except for specific areas of the country where properly values are high, the single-family loan limit is generally $417,000 and any loan above this amount is considered a jumbo loan. For new homebuyers or those considering a refinance loan, here are a few details of jumbo loans that are important to be aware of when applying:
Purchase More with a Jumbo Loan
Qualifying homeowners are able to purchase properties that exceed the single-family loan limit through obtaining a jumbo loan. In the past, homeowners may have had to take out multiple mortgage products to afford a home that exceeded the single-family loan limit. Jumbo loans make it easy to purchase the home you want without a hassle. While the limits are different for jumbo loans, the process of applying and obtaining one are quite similar to other mortgage loans.
Available for Various Property Types
Homeowners are able to apply for a jumbo loan for properties of various types. There are jumbo loans for primary residences, second homes, and even investment properties.
Interest is Tax Deductible
As with most mortgage products, borrowers are able to enjoy a tax break that comes with being able to deduct mortgage interest. With a jumbo loan, borrowers can deduct interest payments up to $1,000,000.
Refinancing is Possible
If you are a homeowner who has a mortgage on a larger home, it is possible you could save money through refinancing with a jumbo loan. Rates are competitive and the application process is simple!
Homeowners Mortgage is proud to be able to offer jumbo mortgage options suitable for those borrowers who qualify. Get started today!