Whitefish Credit Union Jumbo Loans Provide Big Savings
A jumbo loan often means jumbo fees or a higher interest rate. While most lenders add jumbo pricing on loans over $484,350, Whitefish Credit Union’s jumbo loans start at $700,000. If your loan is less than $700,000, you loan could qualify for conventional financing. This could mean thousands in savings over the life of your mortgage!
Competitive Rates for Mortgages over $700,000
If you need to borrow more than $700,000 for your home loan, we may be able to help. Our real estate lending team can provide personalized advice on the best mortgage to fit you needs. We do not charge lender origination fees and we offer competitive rates to purchase or refinance your home.
Jumbo mortgage loan features
What is the difference between a jumbo loan and conforming mortgage?
Most jumbo loans have a few key characteristics that differentiate them from conventional mortgages..
Larger loan size. Lenders define their own jumbo loan limits and terms. Most lenders offer jumbo loans starting at $484,350, the conforming loan limit set by the Federal Housing Finance Agency (FHFA). Loans above this amount are not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.
Higher interest rate. Most lenders add an additional percentage to the conventional interest rate for loans that fall into their jumbo category.
Tougher credit requirements. Jumbo loans typically have more comprehensive credit requirements than conforming mortgages. This is because they carry more credit risk for a lender since they aren't guaranteed by the government and because more money is involved. Jumbo loan approval often requires an excellent credit score, low debt-to-income ratio, a certain amount of liquid assets, and cash reserves equal to or exceeding a set number of mortgage payments.
Experience The WCU Advantage
Apply online for your jumbo loan today! We provide a smooth process while possibly saving you money. Learn more about these and other benefits of the WCU Home Loan Advantage.