Jumbo Loan, What is a Jumbo Loan, what is a jumbo loan, jumbo loans

Jumbo Mortgage Loans

Looking for jumbo loan lenders in Central or Northeast Iowa? Experience better banking at Lincoln Savings Bank. We are your local jumbo mortgage lender with locations in Greene, Nashua, Allison, Aplington, Waterloo, Cedar Falls, Hudson, Lincoln, Reinbeck, Garwin, Tama, Ankeny, Grinnell, Clive, and Des Moines. 

What is a Jumbo Loan?

Jumbo loans are home loans that can exceed the loan limits of traditional conforming loans, which is currently $484,350in most parts of the United States. These loans are a good choice for borrowers with a high credit score and a low debt-to-income ratio who are looking to buy a higher-priced home. 

Benefits of a Jumbo Loan

  • High purchase limits
  • Available as fixed-rate or adjustable-rate loans
  • Can be used for a primary residence, vacation home, or investment property.

When to Choose a Jumbo Loan

If you need to borrow more than the conforming loan limit, a jumbo mortgage is probably your best option. However, jumbo loans have strict eligibility requirements due to the increased risk they pose for lenders. If you can’t qualify for a jumbo loan, you might consider making a larger down payment to reduce your mortgage principal or choosing a lower-priced home. In that case, you could consider a conventional mortgage or FHA loan.

Contact an LSB Mortgage Lender Today!

Need help choosing the right home loan for you? Contact our mortgage lending team to schedule a free consultation. Fill out the form below and one of our home loan experts will reach out to you soon. We offer personalized service and the local expertise that only comes from more than a century of service to your community. Contact us today or visit your nearest Lincoln Savings Bank branch in Northeast or Central Iowa.

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