More information of Jumbo Loan
In order to apply for a U.S. Bank Jumbo mortgage, you must meet more stringent requirements than with conventional mortgage loans. You must have a credit score greater than 740 FICO points, as well as have a minimum monthly income and the amount of debt compared to that income must not exceed 45%.
In addition, the appraisal or appraisal of the home must corroborate that the price is the one indicated and that the amount you are asking for the loan corresponds.
Jumbo loans are known as those mortgages that exceed the maximum price set by Fannie Mae and Freddie Mac for conventional mortgage loans, which is currently set at around $650,000 USD, although in some states or areas where home prices are higher this limit may be higher.
The interest rate on the U.S. Bank Jumbo loan is fixed and is currently at a minimum of 5.5% (5.79% APR) for the shortest term of 15 years, although you can also apply for 20 or 30 year terms.
Depending on the state and county in which you receive, your credit score, your income and other variables, the bank will offer you different conditions, so if you want to know what your monthly payment, interest and fees will be, it is best to do a simulation on the bank's website.
Español: Hipoteca Jumbo de U.S. Bank