We make qualifying for a large loan straightforward, fast, and easy.At Bank of England Mortgage, our specialty is funding the dream of homeownership - no matter the size of the loan or dream - for that matter
That's why we created our jumbo mortgage lending program - a full suite of offerings designed with the needs of borrowers that seek larger loan amounts than were available through traditional lending options.
It's as simple as it sounds. We call it a jumbo mortgage because it is larger than other more "typical" home mortgage loans.
If you are seeking a loan amount in excess of $548,250, then you need a jumbo mortgage loan. Each year, Fannie Mae and Freddie Mac , two government sponsored enterprises, set loan maximums. When loan amounts exceed their limits - the borrower is purchasing a jumbo mortgage loan.
Depending on the borrower's financial profile, you can qualify for $548,250 to $1,500,000.
That depends on the type of loan. Credit scores for jumbo mortgages are similar to conventional credit score requirements.
Many home buyers are unaware they can obtain Jumbo financing without 20% down payment. Approved home buyers now have high balance mortgage options up to 95% loan to value.
The 5% down options not only apply to Jumbo purchase transactions but also Jumbo refinance loans. Similar to conventional mortgages, jumbo loans can be obtained at a 30, 15 fix rate or adjustable rate term of 3/1, 5/1, 7/1 or 10/1 ARM. The interest rates on a jumbo loan are slightly higher due to the added lender/bank risk. However, the interest rate gap has been decreasing as the housing market continues to stabilize and available liquidity returns.
No PMI (Monthly Mortgage Insurance) requirements
Both 80/15 combo loans and single 95% LTV jumbo loan offered – along with an array of 90%, 10% down payment options.
FHA 203(h) loans offers several features that make homeownership easier including no required down payments, up to 100 percent financing.