What Types of Mortgage Loans Are Available For My Jumbo Loan Refinance?
Conventional Jumbo Loans (High Balance) – Ideal for Borrowers with Excellent Credit and a Substantial Home Equity Conventional Refinance Loan requirements are more credit score driven than other loan types and it is usually required to have at least a 620 FICO score to obtain an approval through ENG Lending’s conventional loans. Conventional Loan guidelines are currently written in a way that a borrower with a 740+ credit score can usually obtain the best interest rate possible. As a borrowers credit score decreases below a 740, sizable fees and rate increases could be added, in excess of the 1-2 percent range. If your credit score is less than perfect, an FHA Loan, USDA Loan or VA Loan could be a better fit for you. The maximum loan amount allowed for an Conventional Conforming varies from county to county. The highest maximum Conventional Conforming right now is $729,750. The lowest maximum Conventional Mortgage amount available in any county is $417,000. To see what the limit is in
