Understanding jumbo mortgages

Category: Housing

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A jumbo mortgage is a home loan for property that equals or exceeds $417,000 (in Alaska and Hawaii, a loan is considered jumbo if the borrowed amount is $625,000 or more). The maximum amount you may be able to borrow under a jumbo loan will vary by state. For many homebuyers, a jumbo mortgage is necessary for purchasing a more expensive home.

Eligibility for a jumbo mortgage normally requires larger down payments, more savings, lower debt-to-income ratios and better credit scores than traditional mortgages. Borrowers also need to prepare for the possibility of higher interest rates when borrowing this amount of money.

It can be difficult to impossible for many to get approval for a jumbo loan; even traditional mortgage approvals have their challenges. But if you are receiving annuity payments, you can turn that future cash into a lump sum payment now. By receiving an upfront annuity lump sum payment from Peachtree through the sale of your future payments, you can receive the money you need to buy a home. Perhaps you’re interested in taking out a traditional home loan or jumbo mortgage, but you don’t have enough money for the down payment. Or maybe you would like to avoid the mortgage process altogether and just purchase your home in cash. Depending on the value of your annuity payments and how many of them you decide to sell, it may be possible. Contact Peachtree Financial Solutions today for more information on how you can receive an annuity lump sum payment.

Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.

Tags: Buying a Home, jumbo mortgages, mortgages

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