We provide access to jumbo mortgage rates in Louisville KY. Sometimes life calls for a luxury home, and purchasing luxury homes means borrowing more money. Jumbo mortgage loans are getting more competitive in the Louisville KY area and we’re here to help you navigate the process. Various banks are now offering lower more competitive rates and costs. This means more consumers are looking into getting jumbo loans for their dream homes.
What is a Jumbo Loan?
In short, a jumbo loan is a non conforming loan. Freddie Mac and Fannie May have set lending limits for conforming loans. Anything higher than the set limit of $417,000 is considered a non conforming loan. These larger loans are called non conforming or “JUMBO LOANS”.
Currently all counties in the state of KY have a set limit of $417,000 for single family residence homes. Anything over that falls into the non conforming or “JUMBO LOAN” category.
How to Qualify for a Louisville Jumbo Loan?
Like any home mortgage, louisville residents must still qualify. Jumbo loans have more strict requirements than the more common conforming loans. To qualify a borrower will need:
- A higher than normal credit score
- A larger down payment
- A lower DTI (debt to income ratio)
- Reserves, Savings, Emergency Funds
- Good Payment history
- Suitable income and income history (Job Time)
Jumbo Mortgage Rates In Louisville KY
We’ll schedule a time that’s convenient for you to work with a team member that can help you become informed on rates, and what may work for you.