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Jumbo Loans

We Make Securing a Jumbo Loan Quick and Easy

Jumbo Loans

Has it always been a dream of yours to own a luxury home? When you look for big purchases, often those items which seem just out of reach, but you just know there has to be a way of attaining them. We are here to tell you that there is. Look into applying for a jumbo loan from a reputable financial institution like JTS & Co.

What is a Jumbo Loan?

Jumbo loans, sometimes referred to as jumbo mortgages, are home loans that happen to be larger than most. Loan entities such as Fannie Mae and Freddie Mac place limits on the maximum loan amount that they offer. A jumbo loan exceeds those "conforming limits."

Some lenders no longer work with securing jumbo loans, but at JTS & Co., we can still secure that jumbo loan for you. It is best to know right up front that the requirements for qualifying for a jumbo loan are more strict than for traditional loans.

Every state has different conforming limits when it comes to jumbo loans. In Mississippi, the GSE 1-unit limit is $548,250 and the FHA 1-unit limit is $356,362. Any mortgage loans set larger than these numbers are considered jumbo loans.

Specific qualifications when applying for a jumbo loan include:

• A down payment of 20 percent or greater or alternatively obtaining a minimum of 20 percent equity in a refinance.

• All sources of income must be documented.

• Your monthly mortgage payment should equal no more than 38 percent of your income (this is before taxes).

• You should have financial security/assets.

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    Why Apply for a Jumbo Home Loan?

    When smaller loan amounts do not suffice, you can apply for a jumbo loan for:

    • Purchasing a luxury property.

    • Purchasing condominiums.

    • Purchasing between one and four-family residences.

    • To finance primary residences, second homes, and investment properties.

    When you speak with one of our jumbo home loan specialists, they will guide you to what is best for your interests and needs. You do not have to be particularly wealthy in today's loan market when seeking a luxury property for you and your family.

    Not everyone has the exact same wants, needs, or desires. Certainly, not everyone has the same budget or options available to them. That is why a jumbo loan could be the answer to all of your loan questions.

    Pros and Cons of a Jumbo Mortgage Loan

    The pros of a jumbo mortgage include:

    Your loan is for more money: When other loan entities place limits on the maximum loan amount that they offer, a jumbo loan exceeds those "conforming limits."
     
    Interest rates are often competitive: In recent years, jumbo loan rates have declined and are more in line with traditional financing.
     
    Greater flexibility: You can apply for a 30-year fixed-rate loan or opt for an adjustable-rate loan, it is up to you.
     

    The cons of a jumbo mortgage include:

    • Your credit should be stellar: Only good credit candidates will be considered.

    • Your annual income should be substantial: This includes having additional personal financial assets.

    • You need to put cash away on reserve: When closing on a jumbo loan, you might be asked to put away up to 12 months of mortgage payments in order to get the loan.

    A jumbo loan is an additional loan solution we offer to our customers at JTS & Co. An extra option provides more choice and potential opportunities. For more information, please contact us about a jumbo loan for you.

     

    The JTS & Co. Mortgage Payment Calculator factors in your fees to give you a more precise payment estimate.

    Areas Served

    Mississippi

    Amory 
    Brandon
    Canton
    Columbus
    Fulton

    Gluckstadt
    Hattiesburg
    New Albany
    Petal
    Senatobia

    Senatobia
    Starkville
    Tupelo
    West Point

    Alabama

    Anniston
    Arley
    Auburn
    Brookwood
    Fayette

    Ft Morgan
    Gadsden
    Gulf Shores
    Huntsville
    Hoover

    Jasper
    Montgomery
    Northport
    Orange Beach
    Tuscaloosa