Jumbo Loans In Chicago
If you're interested in purchasing a higher-priced home, a vacation home, or investment property in Chicago, a jumbo loan is designed just for you.
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The Benefits Of A Jumbo Loan
More Money: Add Up To $3 Million
A jumbo loan gives you the ability to purchase a more expensive home and property.
Low Down Payment
With a jumbo loan, you can put down as low as 10 percent.
Competitive Interest Rate
Interest rates for a jumbo loan are typically slightly lower than rates for a conventional loan.
Flexibility
With many options, borrowers can choose the type of jumbo loan that works best for them.
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Do I Qualify?
Here are the requirements if you’re considering applying for a jumbo loan.
- Credit Score Of 680 Or Higher
- A Low Debt-To-Income Ratio
- Proof Of Consistent Income
Frequently Asked Questions
What is a jumbo loan?
A jumbo loan exceeds Freddie Mac and Fannie Mae conforming loan limits. In other words, the loan allows you to purchase a more expensive home that would not qualify with other types of loans.
Is it difficult to obtain a jumbo loan?
It can be if you are credit challenged or have a high amount of debt. To qualify for a jumbo loan you'll need to have excellent credit and enough money in your budget to pay for the monthly mortgage. You must also have a stable source of income.
Are jumbo loans always 30-year fixed-rate loans?
No, you can also get a jumbo loan with a 15-year fixed rate, or with an adjustable rate.
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