What Are Jumbo Loans?
A Jumbo loan is for larger priced homes and requires a larger down payment and credit quality.
Benefits of Jumbo Home Loans
Borrowers with stable employment, larger down payment, and great credit are candidates for Jumbo home loans.
- Good interest rate for borrowers with good credit
- Flexible terms (length)
- Both purchase or refinance transactions
- No private mortgage insurance
Minimum Down Payment
The minimum down payment for a Jumbo home loan is 20% of the purchase price.
Loan Limits of Jumbo Financing
The minimum loan amount is $484,351 and the maximum loan amount is $3,000,000 for Kansas and Missouri.
Fixed Rate Home Loans
Metropolitan Mortgage offers jumbo loans as 30-year and 15-year fixed rate options. All options offer the same interest rate stability, but the shorter the term the higher the monthly payments, giving you a faster way to build up home equity. You can use this higher equity as a down payment when you move to your next home.
Jumbo Adjustable-Rate Mortgages
A Jumbo adjustable rate mortgage (ARM) lets homeowners pay a low introductory interest rate for the first few years (5-year, 7-year, and 10-year). These type of loans are best for shorter terms of ownership.
Other Loan Options: Conventional Loan, FHA Loan, VA Loan, and USDA Loan
Have Questions? Contact Us online or call 913.642.8300.