Jumbo Loans approved in Cleveland TN and Chattanooga TN by the JUMBO Loan Experts at Hometown Lenders, Cleveland TN
There are several situations where applying with a Jumbo Lender can have serious advantages.
One advantage is that without PMI a borrowers payment may be cheaper even if the Jumbo Lender offers a higher rate.
Underwriting guidelines are slightly different which allows for easier approval in some senerios.
Also, many Jumbo Lenders hold their own loans so you don't have to worry about it getting sold.
In Tennessee the Fannie Mae and Freddie Mac Conventional limit is $417,000. In Tennessee the FHA limit is $271,000 due to our county maximums. Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans, but as mentioned above this is not always bad. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes. With that being said many people do not know that Jumbo Lenders approve home loans that are below $417,000 and even below $271,000.
