Benefits of Jumbo Loans in Arizona
You’re not a first-time homebuyer. You are ready to sell your starter home – or already have – and you want to move into a larger or more luxurious home. Or maybe you are a first-time homebuyer, but you waited until you had the means to buy your dream home. In either scenario, you are looking at financing a home loan that is above the current Conventional County Loan limits of $424,100. You need a jumbo loan.
“Jumbo loans” simply refer to loans of a higher loan amount. Yet they also typically have more affordable terms than other high-dollar home loans, including more fixed-rate options and the option to not have to pay mortgage insurance.
Some of the benefits of jumbo loans include:
- Financing available up to $2.5 million
- Terms between 10 and 30 years
- Options for adjustable-rate mortgages
You typically have to have a higher credit score on a jumbo loan than you would a conventional loan – which only makes sense since you are going to finance more money. However, your credit need not be exceptional to qualify. You can get a jumbo loan whether you are financing your first home or you are looking to buy an investment property. You can also get a jumbo loan if you are trying to refinance a current home loan.