Affluent, perceptive homebuyers in Hillsborough, NJ have been utilizing jumbo home loans increasingly in the past year, as they afford flexible payment options and low rates. The total number of dollars in new jumbo mortgages was tracking to be the highest it has been since 2007.
There are also more lenders today in the jumbo mortgage market in Hillsborough, NJ. This means that if you are applying for a jumbo home loan, you will have lenders competing for your business! This puts you in a position to get the best possible deal on your new home.
What is a Jumbo Loan in Hillsborough, NJ?
Jumbo Loans are mortgages that exceed conforming loan limits set by Freddie Mac and Fannie Mae. Jumbo mortgages exceed $417,000 for a single-family home in most areas, or $625,000 in high-cost areas like Los Angeles and New York
City. Jumbo Loans typically have very competitive mortgage rates, often lower than rates offered for conforming loans!
Jumbo Loan Qualifications in Hillsborough, NJ
Do you have what it takes to qualify for Hillsborough, NJ a jumbo loan? Borrowers must provide a large down payment and demonstrate high income and excellent credit. Your monthly mortgage payment should not exceed 38% of your gross income, and you should have a credit score of at least 720, or even 760 in the case of some jumbo loan providers.
Not all properties in Hillsborough, NJ will qualify for jumbo mortgage financing, either. Most lenders will not allow a jumbo loan on a vacation home or second home in Hillsborough, NJ.
Jumbo Home Loan Changes for Hillsborough, NJ
Learn about recent changes to jumbo lending, so you are better prepared when you are ready to apply!