Jumbo loans are used to finance homes with loans exceeding the loan limits set by Government Sponsored Entities (GSEs). It is suitable for borrowers who want to buy luxury homes or refinance existing large mortgages. Jumbo loans allow you to have larger loans at a lower rate because it does not conform to the requirements set by Fannie Mae and Freddie Mac.
You may be eligible to qualify for a jumbo loan if you can meet these requirements:
One thing to keep in mind: these loans will naturally come with higher interest rates. To qualify, good credit history is essential, so double-check all credit reports for any potential inaccuracies. In general, being accepted for a jumbo loan is difficult, so you must also be able to prove that your income is high enough to be able to afford monthly mortgage payments.
Feel free to Contact CostPro Lending Team today for any inquiries about jumbo loans!
Fannie Mae® is a registered trademark of Fannie Mae.
Freddie Mac® is a registered trademark of Freddie Mae.
As a first-time homebuyer, you know the process isn’t guaranteed to be smooth. More than anything you hope that your lender will work hard to help your dream of homeownership come true. That’s exactly what Bobby did and in the midst of a pandemic. No, how about during the week the lending guidelines changed. It was unprecedented what was happening all around us. People with credit scores that would more than likely close on a loan were being rejected. I was one of those people with a “decent” score, and with the strict and tight guidelines being changed every hour. We weren’t so confident we would get cleared to close. I know for a fact other lenders would’ve walked away the moment they saw the challenge ahead in closing this deal. Bobby not only fought for our loan, he even battled with not so pleasant parties in the transaction. He was professional at ALL times and never once lost his cool even though I did (not towards him of course). He was knowledgeable and held our hands throughout the whole process reassuring us this was our home. He didn’t lie. Cinco de Mayo will forever be special for the Browns. On that day we bought our dream home!!! Thank you so much, Bobby. You already know…you’re our go-to for the next purchase or refi!KeKe Brown
We recently purchased a $795K home with Babak (Bobby) Afrasiabi as our loan officer. He was outstanding to work with. A few of the things that stood out were his knowledge of the process. He very accurately laid out the next steps in the process which gave me peace of mind which in turn minimized my stress levels. I also want to commend him for being very forthcoming on the rate and closing costs. From the beginning of the process, I asked him what rate he thought he could get us and he actually did better than he initially surmised. He also gave me a very accurate closing cost range. This was important because it allowed me to mentally see the finish line with a number I felt comfortable with. The final closing cost was right in the range he initially gave me. Lastly, what also stood out was his availability. As a first-time homebuyer, I had quite a few questions. Bobby had great response times via email and text. If you are looking to close on a home there is no one better to choose as your loan officer than Babak (Bobby) Afrasiabi. I give him 5+ stars!Rodney Rambo
Bobby very helpful all the way throughout refinance process. He made everything so simple and easy. It was a great pleasure to work with him and all the others that helped with the process.Tommy Faulkenberry
You’d think three reviews is enough, but good work is always worth commending. This round was a vacation home purchase, and it was certainly the most complicated deal we’ve done. You’ve got the time zone difference with Hawaii, the building was fee simple but there was a leasehold portion of the property’s parking, the building was also in a flood zone, etc… despite the odds stacked against us (and I do say “us” as this is a team effort when you’re buying a place) Bobby’s persistence, knowledge and people skills prevailed. The best part, I knew he’d get it done, from day one, and to top things off, we closed early. It still blows my mind how well Bobby is able to keep up with all the moving parts of the transaction, especially since I know this guy is working on multiple other deals all at the same time. So if you can’t already tell, I am going to be working with Bobby on the next project, give or take another year and you’ll see another review!Ivan Drury
I was transferred to Bobby, the agent, he was very brilliant and he explained all costs briefly, no surprises. Very detailed, once you completed the application and submitted all the required documentation, the processing was very fast. Thank you so much and I appreciated your help. Great job Bobby. You’re awesome!!Analynn Nelson