 |
| House sale sign Photo by rawpixel.com from Pexels |
As one of the leading mortgage brokers for the Illinois market, Nicholas P. Lambrinatos and his reputable firm, Great Rate Mortgage, specialize in over a dozen types of home loans. Nicholas P. “Nick” or “Niko” Lambrinatos works with first-time home buyers to secure mortgages of all sizes, from zero-down VA loans to jumbo loans for costly properties.
Nearly half of American mortgages are backed by the government entities Fannie Mae and Freddie Mac. However, these programs have set loan limits. The limit varies, based on average home prices, but state limits range between $453,100 and $679,650.
Jumbo loans are ideal for buyers who want properties that exceed government limits but would prefer to manage one home loan. To qualify for a jumbo loan, home buyers must have an excellent credit score, low debt-to-income ratio, and a cash or liquid asset reserve that could cover the mortgage for at least six months.
While some buyers put down 10 percent, most jumbo mortgage lenders prefer a 20-percent down payment. However, many jumbo loans are not subjected to private mortgage insurance, even with a low down payment.
Nearly half of American mortgages are backed by the government entities Fannie Mae and Freddie Mac. However, these programs have set loan limits. The limit varies, based on average home prices, but state limits range between $453,100 and $679,650.
Jumbo loans are ideal for buyers who want properties that exceed government limits but would prefer to manage one home loan. To qualify for a jumbo loan, home buyers must have an excellent credit score, low debt-to-income ratio, and a cash or liquid asset reserve that could cover the mortgage for at least six months.
While some buyers put down 10 percent, most jumbo mortgage lenders prefer a 20-percent down payment. However, many jumbo loans are not subjected to private mortgage insurance, even with a low down payment.
