Financing Your Luxury Home
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Financing a luxury home is often easier than financing a home with lower prices. The ratios of loan to property value permited are higher. The down payments are no higher as a percentage of the home price and lenders love jumbo loan borrowers. They will do the running around and make the documentation process easier than with smaller loans. That's the good news.
Jumbo mortgage loans are any loans over $240,000, since these loans are generally portfolio loans and not easily sold to Fannie Mae or Freddie Mac, as would be the case with "conforming" loans, or loans under $240,000, which are usually bundled and sold as security for
Gennie Mae investors. That out of the way, what can you, as a luxury home buyer, expect to see in the way of interest rates, points, documentation requirements to obtain the best rate for your loan?
Homes in Northern Virginia are classified by price as moderate, average or luxury priced homes. We define the luxury home buyer as one looking in the $500,000 range and higher for detached single family homes. This site is devoted to homes in this price range to help you narrow your search if you are in the luxury priced market. The Homes Place offers the services of our staff of Exclusive Buyers Agents specializing in the sale of luxury homes in Northern Virginia. We have experience with lenders offering the type of services we demand for our buyer clients. We'll be there for you the loan process from the initial rate shopping all the way to settlement. That's our
A brief description of the types of loan are below. There are also speciality loans, no documentation loans, high ratio loans, low down payments loans, and loans with special features that may help you.
CURIOUS ABOUT CREDIT SCORES?
This article provides timely information for home buyers who are concerned about their credit scores and how lenders use credit scores when making loan commitments.
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