Best Mortgage Rates on Jumbo Loans
Sometimes traditional loans aren’t enough to buy the home you really want. New American Funding can help you finance the purchase of a high-priced home or refinance your current loan with our line of Jumbo and Super Jumbo Loans.
Traditional conforming loans have a maximum limit set by the Office of Federal Housing Enterprise Oversight (OFHEO), which designates the highest amount Fannie Mae (FNMA) and Freddie Mac (FHLMC) are able to securitize. Any loan amount above this limit is considered a Jumbo Loan. These loans are underwritten and guaranteed privately by banks and mortgage bankers.
You can use a Jumbo Loan for a home purchase loan or to refinance a home mortgage you already own. Our unrestricted access to a variety of programs means we can find the right program for you.
Buying a Home with a Jumbo Loan
Jumbo Loans offer you greater flexibility in buying a home. Our mortgage experts can help you receive up to 97 percent financing with a Fixed Rate Mortgage, an Adjustable Rate Mortgage or an FHA Loan. With a Jumbo Loan from New American Funding, you won’t be restricted by loan limits, so we can help you find the best loan for your financial goals. In addition to competitive rates, we offer:
- Owner occupied, non owner occupied and second home loan packages. Whether you are purchasing a home as a primary residence, a vacation home or an investment property, we have the knowledgeable experts to find the right loan for each circumstance.
- Interest only loans. This type of loan allows you to defer paying the principal on your mortgage for the chosen term of the loan. Instead, you make only the interest payment, which allows you to keep monthly payments low at the beginning of the loan.
- Ratios up to 50 percent: With a Jumbo Loan, you can incur a higher debt to income ratio while still enjoying competitive interest rates and loan terms.
- Non occupying co-borrowers allowed. If you worry about qualifying for a loan, we offer loan options that allow a friend or family member, who will not be occupying the home, to co-sign on the loan. This is a great option for those who cannot provide verifiable income or have less than perfect credit.
- Flexible terms up to 40 years. New American Funding offers several loan terms based on your goals and qualifications.
Refinancing a Jumbo Loan for a Better Rate
There are many reasons to refinance a home loan. You may want to lower your interest rate or monthly payments; perhaps you want to cash out refinance to pay for remodeling or a home improvement project; or maybe you just want to change the terms of your loan. Whatever the reason, New American Funding can help you decide which loan refinance package is right for you. When rates are low, it’s a great time to consider refinancing your Jumbo Loan. Moving from an Adjustable Rate Jumbo Loan to a Fixed Rate Jumbo Loan can save thousands over the lifetime of the loan by ensuring your interest rates and monthly payment will not change, no matter what the market rate does.
Once your mortgage is down to below the OFHEO loan limit, our home loan specialists can help you make the transition to a traditional conforming loan. Making this transition will lower your interest rates and help you pay off your loan faster.
Additional Jumbo Loan Refinance packages include:
- 90 percent financing. We can refinance your mortgage even if you have very little equity in the home.
- No mortgage insurance required. Most lenders require borrowers to pay for private mortgage insurance (PMI) in order to finance loans with high loan to value ratios. At New American Funding, we don’t require PMIs on most loans.
- Interest Only Refinancing. If you need to lower your monthly payment temporarily to avoid foreclosure or divert monthly payments toward other uses, you can use Interest Only Refinancing to reduce your monthly payment to just the interest rate cost.
- Cash-Our Refinancing. Our Jumbo Refinance packages allow you to cash-out up to $35,000 on your mortgage. You can use this money to make large purchases or pay off high interest debt.
- Owner Occupied, Non-Owner Occupied and Second Home Refinancing. We offer refinancing packages for all types of properties including vacation homes, investment property, rental homes, retirement homes and second homes.
Our Jumbo Loans come with flexible terms, and our 21 Day Close Guarantee to ensure you’ll have a smooth and straightforward home financing experience.
Contact New American Funding today to see how easy it is to refinance with a Jumbo Loan.