Leading Edge Real Estate Group

Jumbo loans are a type of loan that exceed the conventional loan limit in the area where you plan to purchase a home, and can offer up to almost one million dollars. They are more difficult to qualify for than conventional loans due to the higher loan amount. You will have to have a credit score of at least 680-700. The minimum down payment required for a Jumbo loan is generally between 15-20-percent.

If you’re buying a home that costs over one-million dollars, the next level above the Jumbo Loan is the Super Jumbo Loan which can provide up to approximately   three million dollars for the purchase of a home.  These loans are more difficult to qualify for and Individuals  who are applying for a super jumbo loan  must have excellent credit.  

Mortgage rates vary depending on how long the mortgage term is.  Many people opt for a 30-year loan, since the monthly payment is less. On the other hand, a 15 year rate will have a higher monthly payment, but more of your payment will go toward the principle balance. A 15 year mortgage will have a lower interest rate, up to one-percent lower, than the 30-year loan.

An adjustable rate mortgage will have a very low initial rate for the first five years on the loan, but after that will increase on an annual basis.

Leading Edge Real Estate

1423 Huntsville Hwy.

Fayetteville, Tenn.

931.433.4070