Tulsa Jumbo Loans Help Buy Dream Homes!
If you want to buy a brand-new dream home that’s in the million-dollar range, you should consider one of our Tulsa Jumbo loans. At 1st Capital Mortgage, we have a number of different loan options that you can choose from. We have conventional loans, for those who want to buy a home under the half-million dollar range. For those who want to buy their million-dollar dream home, then they should consider using a jumbo loan. If you’d like to learn more information about our various lending and loan options, then give our team a call today. Our team of mortgage experts can help you select the best loan that’s perfect for you to make the purchase of your home as smooth and easy as possible. You can dial 918-274-1519 today to learn more about our different loan options.
If you are wondering what a Tulsa Jumbo loan really is, we will break down all the details on this webpage. A jumbo loan is a loan that exceeds the maximum loan amounts common with traditional loans. More specifically, these jumbo loans exceed the loan amounts established by Fannie Mae and Freddie Mac. Both Fannie Mae and Freddie Mac have set limits on conventional loans. A jumbo loan is still a conventional loan, but it exceeds the loan amount of more traditional conventional loans. The jumbo loans are really loans for people who are buying a very expensive home, usually in the million-dollar plus range.
The first thing that makes Tulsa Jumbo loans different from most other loans is the loan rate. Rates on jumbo loans are usually higher than conforming loans. The reason why they are higher is because their use to buy more expensive homes. People can also use jumbo loans to buy high-end custom construction homes as well. At the end the day, jumbo loans require a higher rate because the assets are usually much more expensive. If you’d like more information about the details of rates on jumbo loans them please give our team a call the day. They would love to help you with any questions that you may have.
Like mentioned before, there are really only two reasons why one should consider a Tulsa Jumbo loan. The first is if you are buying a more expensive home. If you are buying a more expensive home and require a loan that exceeds the maximum loan amounts of traditional conventional loan limits, then you should consider a jumbo loan. Additionally, if you are doing a lot of high-end custom construction to your home then you should consider a jumbo loan as well. Jumbo loans have been established in order to exceed the conventional loan limits that have been formed by the federal agencies Freddie Mac and Fannie Mae. The jumbo loans allow people to purchase more expensive homes and do more high-end construction work on their homes.
In addition to these details, there are other important things you should know before considering a Tulsa Jumbo loan. Most loans will actually require the person who is purchasing the loan to make a higher down payment. Unlike most traditional loans that do not need higher down payments, jumbo loans will always require this. Typically, conventional loans will only require a down payment at a minimum of 3%. The reason why jumbo loans require a much higher down payment is because the cost of the home and the work needing to be done to the home is usually much higher as well. Jumbo loans typically require a down payment of 20%. Because there is more risk involved for the lender, the lender must be confident in the buyer’s ability to cover the cost of the loan.
Furthermore, if you’re interested in buying a Tulsa Jumbo loan, you must also have a higher FICO credit score. The reason why an excellent FICO credit score is required is because the lender is at a higher risk by lending a higher amount of money and usually the higher priced real estate has a slower sales cycle. When one has a high FICO score, they have a history and pattern of being able to repay their debts on time without missing payments. A low FICO score reflects a person that has missed payments, and has a higher amount of unpaid debt. Those of the low FICO score reflect irresponsible borrowing history. Because the amount of the jumbo loan is so much higher, the lender needs to be confident in the buyer.
While mortgage insurance is available for most loans, it is actually not available for Tulsa Jumbo loans. With a jumbo loan being a much higher loan amount, people who offer insurance sometimes do not want to take the risk of offering mortgage insurance. At the end of day, it really depends on the total amount of your jumbo loan. It is crucial to know that mortgage insurance is not required by the lending organization because they require at least a 20% down payment. Mortgage insurance is typically designed for underwriters to avoid the risk of defaulting on the mortgage while carrying a mortgage.
If the jumbo loan is not the right fit for you, we also have many other types of loans that we offer at 1st Capital Mortgage. The Tulsa Jumbo loans are great for those who are buying a very expensive home, but we also have other loans that may be a better fit. This includes the Oklahoma FHA 203B and Oklahoma FHA 203K loan. These loans would be great for you if you’re purchasing a reasonably priced home or have a house that requires a lot of repair and construction work. The way that the FHA 203K loan is designed is that it will pay for the cost of various repair and construction costs associated with the home. If you’d like to learn more about this loan, then give our team a call today. We have a friendly staff that would love to help assist you with anything that you may need.
Our mortgage lending organization would love to help you with any questions that you may have on jumbo loans. Tulsa Jumbo loans are great loans for individuals wanting to buy a more expensive home. We have a wide range of loan options our team of love to go over with you. If you have any questions about Tulsa Jumbo loans, the giver team a call today. We love to consult you through the various options are available in select the perfect team for you. Our team is known for having great customer service and would be delighted to serve you in any knee that you may have.
Tulsa Jumbo loans will help many people in Tulsa be able to purchase their dream home. To review, a jumbo loan is basically alone that exceeds the traditional limits of conventional loans set by Fannie Mae and Freddie Mac. Jumbo loan interest rates are typically higher than the rates on other loans because they are designed for more expensive homes. Jumbo loans also require a much higher down payment as well. If you would like to learn more about our jumbo loans, please give our team a call today at 918-274-1519.