Jumbo Loans
Jumbo Loan Programs
Jumbo loans are similar to conventional loans but are for amounts higher than the loan limits set forth by Fannie Mae and Freddie Mac. Jumbo loans can be used for home purchases, refinances, and second homes. These loan programs are not guaranteed or insured by the federal government. Eligibility requirements are dependent on, amongst other things:
- the appraised value of your desired home
- your credit score
- your cash reserves
- your debt-to-income ratio
Jumbo loan programs generally require a 20 percent down payment.
Fixed Rate Jumbo Loans
Fixed rate loans are the most popular type of loan offered by Mlend. These loans provide protection from inflation, allow for long-term planning, and minimize risks associated with home ownership.
Hybrid ARM Jumbo Loans
Hybrid adjustable rate mortgages (ARMs) combine the predictable monthly payments of a fixed rate mortgage with the lower initial payments of a traditional adjustable rate mortgage. If you do not plan on living in your home indefinitely, a hybrid ARM can save you a substantial amount on your monthly housing expenses.
