If you’re looking for a jumbo loan, we’re here to help!
Gulf Coast Bank Home Loans offers jumbo mortgage loans in areas we serve including metro New Orleans & Baton Rouge as well as Tangipahoa & St. Tammany Parish, Florida & Texas.
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How Jumbo Loans Work
If you need a home loan that is higher than the current limits set by the Federal Housing Finance Agency, you will need a jumbo loan. Jumbo loans are sometimes called nonconforming loans because they don’t fit the loan amount requirements of conventional loans.
You can check out the loan limit in your parish or county here on FHFA’s website, or give us a call and we will be happy to let you know if your home purchase requires a jumbo mortgage.
Different Types of Jumbo Loans
- Jumbo loans are available for primary residences, second homes, vacation homes, and investment properties.
- They come in a variety of different terms.
- Fixed and adjustable interest rates are available.
What Are the Qualifications for a Jumbo Mortgage?
Jumbo loans tend to have more strict underwriting rules than conventional or FHA loans due the nature of these loans. Borrowers are generally required to
- Have good credit and a lower debt-to-income ratio
- Put at least 10% down at closing
- Retain additional funds in reserve after closing. The amount of reserves required may vary depending on credit scores and other factors.
Advantages of Jumbo Loans
- Access to a more substantial loan to purchase the home you want
- Competitive interest rates
- Hold onto more of your own cash to invest in your business or your financial portfolio
Do You Have Any Questions?
If you want to know if a jumbo loan is the right fit for you, please reach out to discuss your upcoming home purchase with us.
Gulf Coast Bank Home Loans has branches in metro New Orleans and Baton Rouge as well as Loan Production Offices in Florida & Texas.
If you are ready to get started, you can pre-qualify today.