HOLIDAY HOURS:
We will be closing at 3PM on Tuesday, December 24 and Tuesday, December 31.
We will be closed on Wednesday, December 25 and Wednesday, January 1.
Jumbo Loans
Because great big homes come with great big price tags.
A jumbo mortgage is a home loan for an amount that exceeds the conforming loan limits established by the Federal Housing Finance Agency. For most counties in the United States, the conforming loan limit is $766,550. Other higher-cost areas carry limits up to $1,149,825.
What are some other differences with jumbo financing? Well, jumbo mortgages typically have higher down payment requirements and stricter underwriting than conforming loans. In addition, at least 6 months’ worth of reserve funds (i.e. monthly housing payments) is required.
Here’s what Ardent brings to the table:
- Loan amounts up to $1.5 million
- Purchases and refinances for primary or secondary residences
- For qualified borrowers, purchase financing available up to 95% of sales price/appraised value on primary residences.
- Reduced Private Mortgage Insurance (PMI ) premiums (for mortgages in excess of 80% Loan-to-Value)
- Terms available for 10, 15, 20 and 30 years
- Adjustable Rate Mortgages financing available (dependent on term and down payment)
- Average application processing time is 45-60 days (when two appraisals are required)
- Other closing costs such as title insurance, appraisal and transfer tax are separate.
- Financing available in all states except Texas and Puerto Rico
- No pre-payment penalties
- Simple online application process
Talk to us. Contact our mortgage specialists at mortgage@ardentcu.org.