FAQ's: Jumbo Loans

Q: Why is it called a jumbo mortgage loan?
Q: Why would I need a jumbo mortgage loan?
Q: Are interest-only jumbo mortgage rates available?
Q: How much money can I be approved for with a jumbo mortgage?
Q: What kind of credit score do I need in order to qualify for either an interest-only jumbo mortgage or jumbo mortgage?
Q: I am self employed - can I be approved for a jumbo mortgage? 

Q: Why is it called a jumbo mortgage loan?
A: It's as simple as it sounds. We call it a jumbo mortgage because it is larger than other "typical" home mortgage loans. If you're looking to purchase a more expensive house, this kind of loan may be exactly what you need. Call our jumbo loan expert at 513-403-6260 or contact us online about a jumbo mortgage.

Q: Why would I need a jumbo mortgage loan?
A: If you are seeking a loan amount that exceeds $417,000, then you need a jumbo mortgage loan. Each year, Fannie Mae and Freddie Mac set loan "maximums," so anything that exceeds these set amounts is considered a jumbo mortgage loan.

Q: Can I get an interest-only rate with a jumbo mortgage?
A: Yes! You can choose to pay a fixed, interest-only rate for a period of either 10 or 15 years with ENG's interest only jumbo mortgage. Contact our jumbo loan officer to find out more about an interest-only jumbo mortgage.

Q: How much money can I be approved for with a jumbo mortgage?
A: Depending on the individual, you may qualify for $417,000 to $1,500,000.

Q: What kind of credit score do I need in order to qualify for either an interest-only jumbo mortgage or jumbo mortgage?
A: A minimum credit score of 620 is required for a full documentation loan, 660 for an interest-only rate, and 680 for an interest-only jumbo mortgage. Talk to Jeff today to see if you qualify for a jumbo mortgage loan.

Q: I am self employed - can I be approved for a jumbo mortgage?
A: Yes! ENG Lending offers a self employed borrower jumbo mortgage. Call me today at 513-403-6260 or contact us online to see if a jumbo mortgage is right for you.