5% Down on $1M | Jumbo Mortgages
There’s big news in the world of Jumbo Mortgages… The 2022 loan limit for a 5% down Jumbo Loan is a whopping $1,000,000*! To put this in perspective, the 2021 limit for a 5% down Jumbo Loan was $650,000. We probably don’t need to tell you that the best part is the simple fact that you can qualify for more. But we do want to tell you about two other opportunities to keep in mind.
First, it’s easier to buy before you sell. And, secondly, you can use the money you would have otherwise put toward a $200k down payment to channel your inner home & garden TV personality and create the dream.
Bridge the Gap
In 2021, you may have been hesitant about submitting the offer for your next home. Comfortably putting 20% down without knowing for sure that your current home would sell just wasn’t in the picture. While contingent offers are neither a buyer’s nor a real estate professional’s ideal scenario, it’s definitely understandable.
But now you can do it all. Get qualified for 5% down on Jumbo mortgages, put in a non-contingent offer, and sacrifice neither your dream home nor your peace of mind.
Let’s say you have a $200,000 down payment saved up. Your absolute dream home has a backyard perfect for summer cookouts and a kitchen filled with all the latest high-end appliances. But here’s the dilemma: Do you settle for a smaller home and build the dream now? Or buy the perfect $1M home and save the custom panel fridge for later?
Or… There’s no need to flip a coin! Put 5% down on a Jumbo mortgage for the $1M home and gets everything you want in one fell swoop.
Jumbo Mortgages, Countless Options
Lower down payments mean greater options. Buy bigger, invest the leftover savings to be used later for an even bigger home, or just feel more comfortable moving ahead with an offer. With UHL’s low-down options on Jumbo Loans, you have the power to choose. If you’re looking to go big with low rates on Jumbo mortgages, let’s talk.
Offered on a 10/1 ARM. Assumes an interest rate of 5.500% (5.798% APR) with ZERO points and monthly P&I payments of $5,394.00. Private Mortgage Insurance (PMI) will be required. Monthly payment listed here does not include PMI, taxes and insurance premiums. Actual payment amount will be greater. Interest rate on this ARM is fixed for 10 years and can adjust annually thereafter. First adjustment cap can be as high as 5% and then 2% annually thereafter, with a lifetime cap of 5%.
Information current as of 07/05/22. Mortgage rates can and do change daily. Program is not available in all states. Other assumptions: primary residence, single family home, debt-to-income ratio is less than 40% and credit score is 740 or higher. The lock period for this rate is 60 days.
*Not available in all states. (Available in IL, IN, IA, KY, MI, MN, OH, and WI)