Many would-be southern Texas home buyers fall in love with properties that are priced well above the loan limits for government-insured mortgages. For anyone who wants to purchase a high-value home or sizeable residential property, a jumbo loan or non-conforming mortgage can be the solution.
Jumbo loans give Brownsville residents the opportunity to buy homes that would otherwise be out of reach. Many borrowers use non-conforming mortgages for investment properties and vacation homes, but those who qualify can finance just about any expensive real estate purchase with a jumbo loan. If you’re looking to buy a high-end home or a property with multiple acres and you don’t have a massive down payment, you’ll likely need to use a jumbo mortgage to make the purchase.
With higher loan amounts, non-conforming mortgages inherently pose more of a risk for lenders – but contrary to popular belief, that doesn’t always translate to higher interest rates. To attract borrowers, many mortgage lenders offer surprisingly competitive rates. However, to qualify for a jumbo loan, you’ll need to meet the requirements, proving that you’re financially ready to cover the payments.
If you’re interested in financing a high-value home in southern Texas, the mortgage professionals at PRMI are here to help – and we have access to a range of jumbo loan programs to meet the needs of Brownsville borrowers. For details, give us a call today!