How is a Jumbo Loan determined in Virginia?
A majority of Northern Virginia which is home to Fairfax county, Loudoun and Arlington countys is categorized as a high-cost region. Homeowners may reside in McLean, Herndon, Alexandria, Reston, Waterford, Clifton, Viena, Oakton, Great Falls, and Greenway. This region is part of the metropolitan DC area (D.C., Maryland and Northern VA).
Due to this fact, conforming mortgage loan limits for buying or refinancing a home are higher in many parts of northern Virginia, with loan limits going as high as $729,250 in many neighborhoods. So, yes 90% financing or 10% down is availale. Any loans over this amount move into the true jumbo rate classification.
Virginia holds some of the most expensive areas of land in the DC metro area in the US. For example, the top 5 are in Greenway, Great Falls, Fairfax station, McLean and Oakton. Borrowers may need to get a super jumbo loan (loan amounts over $729,250 and up to $3.0 million) if you reside in these zip codes.
For Second Mortgage Loans, please contact us as these programs are very hard to access!
Apply for » Jumbo Loan in Northern VA:
° Interest rates are subject
to change, without notice, until locked.
° Interest rates are updated
weekly.
° All programs reflect owner-occupied properties. And illustrate
20% or more equity for refinancing.
° Jumbo loan interest rate and APR’s are based on loan
amounts from $417,001 to $650,000. Slightly higher rates for loans up to $3 Million
° “Cash-out” refinances may have a different interest
rate than other programs, please call to verify.
° “No Doc” and No Income loans may have a different interest
rate than other programs and 30% or more minimum equity or down payment, please contact us to verify.
° Credit Scores Borrowers should have a minimum credit score of 680 for loans under $1.5 Mil and 720 if loan is > than $1.5 Million.
° ARM (adjustable rate mortgage) loan APR’s reflect
APR for fixed period only.
° ARM (adjustable rate mortgage) interest rates can increase
after specified fixed period, please review all applicable disclosures.
* Payment
Choice Program Disclaimers: (Discontinued Product)
° Payment Choice Program provides several payment options each month.
° Choosing the minimum payment one month, may not always cover the total
interest due.No Longer available
°
The unpaid portion, called "deferred interest," is added to your
loan balance; and itemized on monthly statements.
°
We highly recommend that you reimburse any "deferred interest" as
quickly as possible.
° Ask about the equity builder program that limits “deferred
interest”
° Rate shown based on loan-to-value of 80% or less; and must
credit score qualify.
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