jumbo loans at waterstone mortgage
At Waterstone Mortgage, our jumbo home loans make it easier than ever for homebuyers to purchase homes above the conventional conforming loan limit.
With flexible options, program expertise, and superior service, we’ll work with you to select a loan program that meets your financial needs and goals.
what is a jumbo loan?
A jumbo loan is any home loan that exceeds a specific threshold called the conforming loan limit. Currently, the 2022 conforming loan limit for a single-family home is $647,200. However, loan limits can be higher in some high-cost areas of the United States. If your mortgage loan amount (the cost of the home, minus your down payment amount) is over the conforming limit, you’ll probably need a jumbo mortgage.
Because you will be financing a higher loan amount than Fannie Mae and Freddie Mac (government-sponsored enterprises that set the conforming limit) will allow, jumbo loans tend to come with higher risk and thus, higher interest rates. The credit requirements are a little bit higher than other loan programs for that same reason.
what are the benefits of a waterstone mortgage jumbo loan?
If you’re purchasing a more expensive home, going with a jumbo loan (as opposed to other financing methods, like multiple mortgages or an enormous down payment) offers many benefits, such as:
- Financing available up to $2 million (higher loan amounts considered)
- The convenience of one loan for the entire loan amount instead of having multiple mortgages
- Second home financing available up to $900,000 with down payments are as low as 10%
- Competitive pricing
- Fixed- and adjustable-rate mortgage options available
- Quick turnaround with in-house underwriting