You Don’t Have to be a Millionaire to live in Fairfield County, Connecticut
If you are looking for a home in Fairfield County you area already aware of what a jumbo mortgage is. You also already know the median home value in Fairfield County is approximately $525,800; yet according to Zillow, the current median listing price in Fairfield County is $725,000. Typically, any loan larger than $679,650 in Fairfield County will fall under Jumbo Mortgage Lender Guidelines. Don’t fret…Jumbo Home Loans are not complex and are very attainable.
Historically, Jumbo mortgage rates have been slightly higher, but since the mortgage crisis of 2007 Jumbo Mortgage Loans have been comparable to Conforming Mortgage Loans due to the stricter rules throughout the mortgage industry. North East Financial offers a great Jumbo Loan pro-gram for Fairfield County and surrounding counties in Connecticut.
Guidelines for Jumbo Mortgage Loans in Fairfield County
- Primary Residence or Investment Property
- Purchase or Refinance
- $679,650 to 3 million
- 660 Credit Score (or higher)
- 30 year or 15 year terms (as well as 5, 7 or 10 year ARMS)
- Up to 90% LTV with No PMI options
- Minimum of 10 % down for a purchase or 10% equity to refinance
- Higher debt to income ratios (maximum of 43%-50%) considered
Call me today for a free consultation and we can discuss your Jumbo Loan Refinance or new home purchase. I will work with you every step of the way.