PrimeLending is recognized as a premier mortgage lender offering a variety of loan products including Jumbo mortgages. If you are planning to purchase or refinance a home that exceeds the conforming loan limit (currently $417,000), contact Bruce Brown regarding Jumbo financing options. I will help identify the Jumbo mortgage product(s) that best meet your needs.
What is a Jumbo Loan?
A jumbo mortgage is a mortgage loan whose loan size exceeds conventional loan limits. In the Kansas City market a mortgage is considered Jumbo if it is above $417,000.
The Jumbo market differs significantly from the “conforming” conventional market meaning that there aren’t a specific set of rules from entities such as Fannie Mae or Freddie Mac that must be adhered to. In the Jumbo market you must meet the guidelines of the investors who purchase the Jumbo loan in the secondary mortgage market and each investor has a different set of rules or guidelines they require. This means that the requirements for down payment, loan size, and credit score can vary significantly from one investor to the next. It also means loan types from fixed rates to ARM’s (adjustable rate mortgages) can vary widely as well.
To meet the needs of our Jumbo clients, Prime Lending has a variety of Jumbo mortgage investors including Redwood Trust, Merrill Lynch, Barclay’s Bank, Chase, US Bank, BB&T, Everbank, PCB, GMAC, BAML, Astoria, ISB, Fifth Third Bank, Kinecta, CMG, Wells Fargo and more. With so many investor options finding a Jumbo product that is suitable to your unique needs becomes significantly easier than dealing with a mortgage bank with limited options.
For any of your Jumbo mortgage needs please contact:
Bruce Brown, Senior Loan Officer/CMPS - Prime Lending - 3200 NE 83rd St. Kansas City, MO 64119 – Telephone (816) 286-HOME (816-286-4663).
