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Jumbo Loan

A Jumbo loan is for larger priced homes and requires a larger down payment and credit quality.

Benefits of Jumbo Home Loans

Borrowers with a stable employment, larger down payment and great credit are candidates for Jumbo home loans.

Other advantages to Jumbo home loans include:

  • 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 $424,101 and the maximum loan amount is $3,000,000 for Kansas and Missouri.

We offer several Jumbo Home Loan options.

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 LoanFHA Loan, VA Loan and USDA Loan

Have Questions? Contact Us online or call 913.642.8300.

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