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Posted by Darrin Seppinni
July 23, 2020

Why Jumbo Loans Are Sizzling Hot

Low Jumbo loan rates with flexible Jumbo loan requirements

Jumbo loans are in high demand in today’s market. For one, home prices are on the rise. According to the CoreLogic Case-Shiller U.S. National Home Price Index, prices rose 4.7% over the year in April and are now averaging just under $218,000. In some markets, prices are up even more. Phoenix, for example, has seen an 8.8% uptick in prices since April 2019. Seattle and Minneapolis aren’t far behind. 

But it’s more than that. With the pandemic forcing many Americans to stay at home — and lots of times, work from home, too — buyers are looking for larger, more spacious properties for their families. Naturally, these bigger properties come with a higher price tag — and require a larger-sized loan.

Some existing homeowners are also looking toward jumbo loans for refinancing. With a jumbo loan refi, you can take advantage of today’s low interest rates or even take cash out of your home equity — a great option if you need some extra funds during these trying times.

Are you considering a jumbo loan for your home purchase or refinance? Here are just a few of the reasons they’re popular right now.

You don’t need perfect credit to qualify.

Big bank jumbo loans still require high credit scores, but if you opt for a non-bank jumbo lender like us? All you need is a 660 minimum.

Jumbo rates are extremely low.

Mortgage interest rates are at all-time lows — and jumbo loans are no exception. We’re currently offering jumbo loans in the low 3% range, meaning lower payments and less interest paid over time.

Loan amounts are generous.

Conforming loans are capped at $510,400 in most counties, but jumbo loans? The sky is almost the limit. Our jumbo home loans go up to $20 million.

They’re great for self-employed professionals or contractors.

With non-bank lenders, you don’t need years of W-2s to qualify for a jumbo mortgage. In fact, at HomeLife, you can qualify with just one year of bank statements or even your liquid assets.

Terms are flexible.

The traditional 30-year mortgage doesn’t work for everyone. With your non-prime jumbo loan, you can choose from 5/1, 7/1, and 10/1 adjustable-rate loans, as well as 15-, 30-, and even 40-year terms. There are also interest-only options you can choose from.

All kinds of properties qualify.

Whether you’re buying your forever home, a vacation house, or an investment property, jumbo loans can help. Even two-, three-, and four-unit properties qualify.

Low down payment options are available.

Though many jumbo mortgage loans require huge down payments and serious cash reserves, that’s not the case with non-QM options like ours. You can get a jumbo loan with as little as 10% down (and no mortgage insurance either).

Is a jumbo loan your answer for a home purchase or refinance?

If you’re considering a jumbo loan, HomeLife mortgage can help. Learn more about our jumbo loan offerings now, or fill out the below form and get pre-approved for your mortgage in just 24 hours.

Ultimate-Guide-Self-Employed-Bank-Statement-Mortgage

Ready to Get Started?

If you think you're ready for a Jumbo Bank Statement Loan of your own, learn more about how to qualify by downloading our free eBook, The Ultimate Guide for Self-Employed Bank Statement Mortgages.

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About HomeLife Mortgage

For more than 25 years, HomeLife Mortgage has built a strong reputation in California and Florida as a leading mortgage broker, servicing the needs of borrowers who have been unable to obtain conventional financing.  HomeLife Mortgage is at the forefront of non-bank lending offering the next generation of mortgages including Jumbo Loans, Real Estate Investor Loans, and Bank Statement Loans.

Darrin Seppinni

Darrin Seppinni

Darrin Seppinni is a highly trained and experienced veteran of the mortgage lending industry. For more than 35 years, Darrin has leveraged his specialized knowledge and expertise to secure real estate financing for thousands of borrowers using leading edge mortgage loan products. He is proud to be at the forefront of alternative lending programs specializing in: Jumbo and Super Jumbo loans, self-employed bank statement loans (no tax returns needed to qualify); and investment property rental loans (stated income). Darrin is passionate about educating borrowers with unique needs on the benefits of non-traditional loan programs. Darrin is the author of, The Mortgage Originator Success Kit, published by Mc Graw Hill. Contact us to learn more.