A Jumbo Mortgage is any home loan that exceeds the conforming loan limit set by the Federal Housing Finance Agency (FHFA). Below are a few facts to assist you when looking for an Ohio Jumbo Mortgage.
Ohio Jumbo Loan limits
In Ohio the conforming loan limit is $417,000. Any mortgage loan that exceeds this amount will be deemed a Jumbo loan.
Ohio Jumbo Credit Scores?
Since Jumbo Loans are generally considered higher risk, banks and lenders will require higher credit scores than other types of loans. To qualify for the best terms on your Jumbo Loan a 760 or higher credit score is ideal.
Ohio Jumbo Down Payment (or Equity for Refinance)
It is possible to qualify for a Jumbo Loan with less than 20% down payment (or equity in the case of a refinance). Some lenders offer Jumbo Loans with as little as 10% down payment.
Ohio Jumbo Mortgage Broker
Because a mortgage broker is generally approved to offer loans through multiple lenders, they are better able to offer you a wide range of options. Whereas a working directly with a bank means that you only have that particular banks products available.
Ohio Jumbo Rates
Because of the associate risks, interest rates tend to be higher than a standard conventional loan, but each situation is different. Another reason that it may be in your best interest to work with a reputable mortgage broker to get as many options as possible, and potentially a better rate. If you’d like to discuss Ohio Jumbo Loan rates contact me or complete the Ohio Jumbo Rate Request form.
Options to avoid a Jumbo Mortgage in Ohio
One option that you have to avoid a Jumbo Loan is to do 2 loans.
1st mortgage of $417,000 (or less) and a 2nd mortgage up to 90% of the purchase price or appraised value of the home (for a refinance).
This allows you to take advantage of the favorable terms of a conventional loan, yet still purchasing or refinancing your home.
