Jumbo loans (Loan amounts over $453,100 for 1 unit) For many years Jumbo loans have been a struggle for Brokers to compete with the big banks. Those days are no longer! With a wide assortment of financing options including 3/5/7/10/15 year adjustable rates and down payment options as low as 0, (yes 0%) the banks will struggle to compete with Pando. We have leveraged our volume and reputation to partner with some of the biggest names in the Jumbo mortgage space to ensure that we are offering both options and terms that are unmatched under one roof. In conjunction with the less known but still viable lenders that will fill Jumbo niches, we are certain that we have the value and service needed to corner this space of the market. We also provide subordinate financing with the Jumbo loan program. When you think Jumbo think Pando!
Purchase your forever home that has a bigger price tag. Jumbo mortgages allow you to borrow the full amount of money that you need instead of breaking it into two different loans.
A Jumbo mortgage can help you get into the home of your dreams that just happens to come with a larger price tag. It is a non-conforming loan, which simply means that the amount you want to borrow is over $453,100 (or $679,650 in high-cost areas).
Ability to choose between a fixed rate or an adjustable rate mortgage.
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“Working with Steve and the guys at Pando was awesome! They helped me secure a loan at a very low-interest rate. Steve explained every step of the process along the way and was very easy to talk to. Give Pando a call if you need a mortgage!”
“As a realtor and owner of O’Sullivan Realty Group, Pando Mortgage has been our number one go to for all of our clients. We work hand in hand through every transaction to ensure they get the best rate possible and ensure a smooth process in a timely manner while doing so. Stephen and his team are fighters and do not give up on their clients. Their availability and passion is what makes them unique! We couldn’t ask for a better team to work with.”
“Working with Steve was a pleasure. I could not express how great my experience was. Moving is a stressful process, but Steve was always available to talk and put me at ease whenever I had concerns or just general questions. I have been recommending him and his team to everyone I know looking to move.”
A jumbo loan is a home loan that is larger than “conforming” loans that lenders sell to Fannie Mae and Freddie Mac. Instead of using maximums set by government-sponsored entities (GSEs), jumbo loans are issued by private lenders. Those lenders set their own rules for approval and often hold the loans as investments.Get Started Now
Jumbo mortgages typically require down payments of 20 percent or more. However, some mainstream jumbo lenders will work with down payments around 10 percent, and others programs offer with even lower requirements.
The loan is bigger and there are some extra qualifying steps, which can mean higher costs at the closing table.
Credit score requirements are about the same for Conforming and Jumbo: a credit score down to 680 generally gets you most available loan options, albeit with a higher rate than you’d get with a top-tier credit score of 780 or greater.
Because a Jumbo loan is not eligible for purchase by Fannie Mae or Freddie Mac, they must be sold on the secondary market. What does that mean for you? It means that they can have stricter credit score guidelines and may require larger down payments. Also, due to the larger amounts financed, there will be higher reserve requirements. Reserves are funds commonly referred to as “back-up” funds, in case anything happens to a customer’s job or any other life event, the Lender wants to see you have funds available to pay the monthly mortgage.
Down payments on jumbo loans can be as little as 10 percent for loan amounts of $1 million and sometimes higher, translating into a $1.1 million purchase price or higher. Unlike Conforming loans, these low-down Jumbo programs don’t always require mortgage insurance.
Our mission at Pando Mortgage is to pair you with someone passionate, who will guide you through the mortgage financing process and be your advocate during one of life’s most important moments. We believe that the mortgage industry can do better; let us prove it to you!