Jumbo Loans

Jumbo Loans

Texans interested in buying more expensive properties turn to jumbo loans in Waxahachie. As the name suggests, these are larger-than-average mortgages – and with one, a high price tag on a home isn’t a problem.

With conventional loans that conform to standards set by the government and mortgages backed by the VA, FHA and USDA, there’s a limit to the amount a homebuyer can borrow. Being that jumbo loans are held by private institutions, they don’t come with a cap. Lenders can provide mortgages for almost any amount.

At the same time, the large sum involved and the lack of protection from losses in the event of default lead mortgage lenders to impose rather strict qualification requirements. Jumbo mortgages are for low-risk borrowers – Waxahachie residents with high incomes, stellar credit scores and ample cash reserves – and for well-qualified homebuyers, the down payment can be as little as five percent.

Jumbo loans feature competitive interest rates and flexible terms, and mortgage lenders offer both adjustable-rate and fixed-rate financing. Many Texans look to these loans for the purchase of high-value luxury homes and costly residential properties in desirable neighborhoods, but this form of home financing can also be the means to getting more land or buying a rental property.

If the home you want to buy is on the more expensive side, the PRMI team in Waxahachie, Texas, can help you find a financing solution. To explore our lending programs and get a great deal on a jumbo loan, contact our mortgage company in Waxahachie today!