Jumbo Loans

Jumbo Loans

For some would-be Pharr homeowners, a jumbo loan is the only mortgage solution. Federally insured mortgages and conventional loans that conform to government guidelines aren’t options, as these forms of financing come with limits on property price. Jumbo or non-conforming mortgages don’t – and that opens the door to buying a high-value property.

Jumbo loans provide home buyers with the opportunity to purchase larger, more expensive residential properties and upscale abodes in the most desirable neighborhoods. Pharr residents who qualify can also buy a vacation home, multi-unit rental or just about any other high-priced residential real estate property with a non-conforming mortgage.

Given the large amounts, jumbo loans are for low-risk borrowers, those with ample incomes, excellent credit scores and a strong financial history. Also, while jumbo mortgages do require a down payment, some mortgage lenders have relaxed requirements for well-qualified borrowers – and putting down as little as five percent of the property price is a possibility.

If the home of your dreams has a high price, a non-conforming mortgage may be the right solution. At PRMI, we have access to a range of lending programs to meet the needs of home buyers in Pharr, Texas – and our mortgage professionals have what it takes to help you secure a jumbo loan with a great rate and favorable terms. To get started, get in touch with our mortgage company today!