Over here, at Indigo Mortgage, we
know that the housing economy is a buyer’s market, something that we have said
before and will surely say again, but it’s the truth. It’s a fact that is great
for you or anyone else looking for a new home whether for a second home
purchase, real estate investment, or a new place for you; now is the time to
buy.
In past blogs, we have discussed FHA
loans, VA loan requirements, and many other things, but today we are going to talk
to you about the jumbo loan because this is a mortgage loan product that is on
its way back up and coming back into favor once more.
Defining a Jumbo Mortgage Loan
Essentially, it is a very large
mortgage loan and is, in fact, any mortgage loan exceeding $417,000. Maybe you
are thinking that it’s too much and that you could never pay it back and maybe
you are thinking what we are thinking.
We are thinking that in this current
buyer’s market, you can procure a mansion like estate near the beach for a half
of a million -- something that many others have thought. Undoubtedly, this is
the reason why the jumbo loan is regaining its popularity at a very rapid pace.
The VA and Jumbo Loans
In the past, we have in talked about
the Veterans Affairs and their various loan requirements for military personnel
and family. And, we are now proud to inform you that the VA also gives out
jumbo loans.
By offering a jumbo mortgage loan,
the VA can broaden the areas and types of homes that a veteran can have available
to them, allowing more expensive and nicer properties to be bought by our
soldiers. Like all VA loans, there are specific requirements that must be made
for a soldier to qualify, certain amount of service years, honorable discharge,
etc.
The jumbo loan is a great
opportunity for people that are looking to buy a more upscale property in the
current housing market. Whether you are a qualified soldier or civilian, the
jumbo loan could be right for you. If you are interested in the jumbo loan, be
sure to contact your local mortgage provider and inquire about the loan.
If you don’t have a mortgage
provider or are looking to use a different company, feel free to contact our
office during business hours so our friendly and informative staff can answer
any questions you might have about jumbo mortgage loans, how to qualify,
interest rates on a jumbo loan and what is involved in having this type of
mortgage loan.
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