If you are looking to buy or build your dream home, you may need a jumbo loan. A jumbo loan is a loan amount in excess of the conventional loan limit, which is $453,100 as of this writing on September 11, 2018 (except in high-cost areas which have some variances). Typically, jumbo loans require larger down payments, higher credit scores, and more reserves.
Purchasing an existing home
For those who want to buy an existing home, we can finance a borrower with only 5% down on loan amounts up to $2,000,000 and 10% down on loan amounts to $3,000,000. There is no mortgage insurance on these loans and the interest rates are very competitive. The best part about it is that you get to keep more cash in your investment accounts to work for you (and to help satisfy the reserve requirement for the loan).
Building a new home or remodeling an existing home
On construction loans (you are buying the lot and building at the same time) as well as construction-perm loans (you already own the lot and are just going to build a home on it), we can finance up to 70% of the total cost (hard and soft costs). The loan-to-value can be higher on smaller loan amounts. This loan can also be used for major remodels.
Why choose The Wunderli Team and Noble Home Loans
With a wealth of experience working with builders and doing construction loans as well as remodel loans, Jed Wunderli and his team at Noble Home Loans is the best option when it comes to jumbo loan financing. Contact Jed at 702-812-1214 or 801-893-1737 with any questions regarding your specific situation or to get started on the approval process. http://www.JedWunderli.com