If you’re looking for a jumbo loan, we’re here to help!
Gulf Coast Bank Home Loans offers jumbo mortgage loans in areas we serve including metro New Orleans & Baton Rouge as well as Tennessee, Florida & Texas.
If you need a home loan that is higher than the current limits set by the Federal Housing Finance Agency, you will need a jumbo loan. Jumbo loans are sometimes called nonconforming loans because they don’t fit the loan amount requirements of conventional loans offered by Fannie Mae or Freddie Mac.
You can check out the loan limit in your parish or county here on FHFA’s website, or give us a call and we will be happy to let you know if your home purchase requires a jumbo mortgage.
Jumbo loans are available for primary residences, second homes, vacation homes, and investment properties.
They come in a variety of different terms .
Fixed and adjustable interest rates are available.
Jumbo loans tend to have more strict underwriting rules than conventional or FHA loans due the nature of these loans. Borrowers are generally required to
Have good credit and a lower debt-to-income ratio
Put at least 10% down at closing
Retain additional funds in reserve after closing. The amount of reserves required may vary depending on credit scores and other factors.
Access to a more substantial loan to purchase the home you want
Competitive interest rates
Hold onto more of your own cash to invest in your business or your financial portfolio
If you want to know if a jumbo loan is the right fit for you, please reach out to discuss your upcoming home purchase with us.
Gulf Coast Bank Home Loans has branches in metro New Orleans and Baton Rouge as well as Loan Production Offices in Tennessee, Florida & Texas.
If you are ready to get started, you can pre-qualify today.