Philadelphia Jumbo Loans
What are the primary considerations for Philadelphia Jumbo Loans?
Buying a new house may be one of the most exciting and stressful experiences in your life. Of course, before you rush out to buy that dream house, you need to think critically about your finances. Oftentimes, you simply need more money in order to take the plunge. And if you want to buy a costly property or your dream home, conventional loans may not be enough. “Conforming loans” are mortgages that adhere to Fannie Mae and Freddie Mac.
Philadelphia Jumbo loans are different from conforming loans, however. They are not restricted by the financing limits with which you may be familiar when it comes to other loan types.
How to find the right Jumbo loan lenders in Philadelphia?
In most counties, a conforming loan tops out at $484,350. But jumbo loans are an option to help buyers go over these limitations. Buyers should be careful before applying for a jumbo loan. Jumbo loans are riskier since they are not regulated by the FHFA.
As a result, some brokers will even refuse to provide these types of loans. Therefore, it’s vital to find a lender that will oblige with your request. While there are still many jumbo loan lenders in Philadelphia, it’s important to find the one that’s right for you and your needs.
As a Jumbo loan in Philadelphia is a long-term commitment, you must search for a lender who will help you in meeting all the requirements. They must be trustworthy and must also possess knowledge about the loan procedure. This will help in speeding up the entire process and will also guide you in getting the loans at the lowest interest rates.
What Are the Eligibility Requirements for Philadelphia Jumbo Loans?
Jumbo loans have unique features. If you default on your loan, the lender will be responsible for any losses incurred. Furthermore, jumbo loan interest rates can vary widely. Your jumbo loan may come with a fixed or an adjustable rate of interest. Requirements can differ too, but having the following before applying is beneficial:
- Having a credit score of 700 or higher
- Having a debt-to-income ratio (DTI) under 45%
- Having cash reserves to convey your trustworthiness to the lender
- Provide documents that prove you are financially stable, such as W-2s or 1099s
- Having your home reappraised
In Philly, a seasoned and experienced lender can assist. It’s vital to understand the drawbacks of jumbo loans, as well as any potential advantages. For example, you’ll generally have to make a larger down payment. Your overall costs and charges may be greater, and your interest rates could be higher as well. In some parts of the country, jumbo loans may not be necessary.
Contact our experienced lenders to get Philadelphia Jumbo Loans
Dynamic Funding Solutions offers Jumbo loans for those looking to finance a large purchase. If you’re unsure if you qualify for a Jumbo loan, we can help you determine if a Jumbo loan is right for you and provide you with the financing you need to purchase.