When you have found the perfect home for you, but the price tag exceeds the limit for a conventional home loan, you’ll want to apply for a Jumbo Loan at PRMI Mt. Juliet. In Cookeville and Murfreesboro, the limit is $647,200, while in Nashville it’s $694,600. There are some truly stunning homes in these areas, and you don’t want to miss out on your chance to own one.
To qualify for a Jumbo Loan, your credit score usually needs to be a little bit higher than for a conventional loan — 680 versus 620. With a conventional loan, you may be able to put down as little as 3% on your new home, but with a Jumbo Loan, 10%-25% is standard.
Jumbo Loans are more common today than piggyback loans, so-called because in order to qualify for a conventional mortgage with a home price above the limit, you needed two mortgage loans, one on top of the other. Jumbo Loans are safer and approved for borrowers who are not high-risk.
You may expect Jumbo Loan interest rates to be higher than they are for conventional loans, but they are often, in fact lower. If you are looking at a higher-priced home in Nashville, Cookeville or Murfreesboro, talk to the mortgage lenders here at PRMI Mt. Juliet about a Jumbo Loan. We can run the numbers to see if you qualify, and we can also see what kind of interest rate our mortgage company can get for you.