Jumbo Loans for Jumbo Dreams
Jumbo loans are unique financing options for clients looking for a loan that exceeds limits set by mortgage giants Fannie Mae and Freddie Mac. The mortgage professionals at CCH Mortgage provide all types of financing options, including jumbo loans for up to $6 million. If you are considering purchasing a home that requires a higher-value loan in Indianapolis, Fishers, Carmel, Noblesville or surrounding Indiana, we can help. Our qualified lenders can finance loans of any size, and we are able to offer flexible terms. Contact CCH Mortgage about jumbo loans today, and schedule a consultation about your goals as a home buyer.
What is a Jumbo Loan?
A jumbo loan is a conventional, non-conforming loan. It is conventional in that it is not funded or insured in any way through a division of the federal government. This contrasts with VA and FHA loans, which are known as non-conventional loans.
Jumbo loans are also non-conforming loans. They do not conform with the loan limits set through lending giants Fannie Mae and Freddie Mac. These two companies have conforming loan limits, set through the Federal Housing Finance Agency. When a loan exceeds this limit, it is funded instead through other private lenders. In Indianapolis and surrounding areas, the limit for a conventional loan is $424,100. If you require financing larger than this amount, you will need to consider this mortgage option.
Qualifying for a Jumbo Loan
Because jumbo loans are not backed through the federal government and not supported by Fannie Mae and Freddie Mac, they do have more stringent approval guidelines. As you learn more about jumbo loans, keep in mind:
- Jumbo loans typically require a 20% down payment on the loan value.
- Eligible jumbo loan clients usually have strong credit (typically 700 or more, although exceptions exist).
- Clients applying for jumbo loans often have a low debt-to-income (DTI) ratio, usually at 43% or lower.
Working with Experts in the Area
At CCH Mortgage, we offer competitive jumbo loan financing and refinancing options that many big bank lenders just can’t support. We offer fixed and adjustable rates to facilitate your financing timeline and goals. We can finance homes up to $6 million with variable term length from a few years up to 30 years.
When it comes to consolidating or reevaluating your existing mortgage, we have no limits on cash out refinancing. You can use a cash out refinancing to turn part of the equity in your existing home into cash in exchange for a larger mortgage. This type of jumbo loan refinancing can help you access cash you need for renovations, emergencies or other life events.
Begin the Path to Owning Your Dream Home Today
If you are looking for a home in Indianapolis, Fishers, Carmel, Noblesville or surrounding Indiana, speak to one of our mortgage professionals today. We are well-connected in the community and can help you at each step in the process of purchasing a home. Whether you qualify for a jumbo loan, a conventional loan or you need an out-of-the-box solution, we can help. Contact CCH Mortgage today.
