Jumbo Loans Texas

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Conventional Jumbo Loans

The FHFA has announced that the maximum conforming loan limit for 2018 is $453,100. Most of the time, home buyers can acquire a property at a price less than the value of the loan limit. This is not always the case, however. Jumbo Loans Texas options are designed to help property buyers purchase a home that exceeds the value of the loan limit

How Much Can I Afford with Traditional Jumbo Loans?

Loan limits are typically defined as “the amount a qualified borrower may be able to obtain without making a down payment.” It is possible to exceed traditional loan limits if a home buyer is willing and able to make a down payment. The amount of the down payment depends on how high above the loan limit a consumer needs to go to secure enough funds.

Property buyers are typically expected to make a down payment valued at 25% of the difference between the selling price of the home and the loan limit. If a consumer, for instance, wishes to purchase a home for $600,000 then how does it work? Using a jumbo loans Texas option, we start with the difference between the loan limit and the property value.

In this case the down payment is at least $36,725. The formula for getting this value is .25 x $146,900 (the difference between the home value and the loan limit) = $36,725. Typically, this would be less than the required down payment for a conventional home loan. Though the required down payment may deter some borrowers, there are still many benefits to using a traditional jumbo loans Texas mortgage.

Providing a Second Jumbo Mortgage Option

There is now an alternative to conventional jumbo loans. For 2018, the FHA loan limit ceiling has been raised to $679,650. This will come as a relief to many property buyers who are looking to purchase high-value homes in Texas. There are several advantages to taking out a second mortgage, such as covering part of the down payment on the first mortgage.

Advantages of Traditional Jumbo Loans Texas Mortgages

The benefits of using jumbo loans Texas-mortgage options are numerous. Borrowers with a strong financial record can capitalize on opportunities to make lower down payments. In some cases, the down payment can be less than 10%. It is also possible to use some creative options to procure a second mortgage.

Using a traditional jumbo loan, home buyers can borrow more than they could with a typical FHA or VA loan. This way, they have the opportunity to get into a home that they traditionally would not have access to.

What They Say About Signature Lending Services

The team at Signature Lending were wonderful, outstanding, helpful and very respectful mortgage company. My experience with a prior servicer was terrible and I am glad I chose Signature Lending to help me on my purchase.

Amy Sanders

Mark has been very detailed, hardworking and knowledgeable throughout this whole process. My husband and I are expecting so we are very anxious to make sure our first home purchase is a positive experience. We appreciate Mark and his staff's superb effort and we have the fullest amount of faith in Signature Lending Services.

Mary Ann Kelly

The team at Signature Lending were wonderful, outstanding, helpful and very respectful mortgage company. My experience with a prior servicer was terrible and I am glad I chose Signature Lending to help me on my purchase.

Amy Sanders

Mark has been very detailed, hardworking and knowledgeable throughout this whole process. My husband and I are expecting so we are very anxious to make sure our first home purchase is a positive experience. We appreciate Mark and his staff's superb effort and we have the fullest amount of faith in Signature Lending Services.

Mary Ann Kelly