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4 Top Arkansas jumbo loan lenders
If you’re ready to learn more about the best jumbo mortgage lenders in Arkansas, here are the top options we’ve found through our research.
1. Huntington Bank
Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.
We contacted a loan officer at Huntington Bank to gather information about the jumbo mortgage rates and here’s what we heard back:
- Loan amounts up to $2.5 million
- Purchase and refinance available
- Refinancing allows you to take up to $750,000 of equity out of your home.
- Second homes are eligible
- Single family and Multi-unit properties are eligible
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
2. Flagstar Bank
Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.
We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage. Here are the highlights:
- Loan amounts up to $3 million on primary residences
- Loan amounts up to $2.5 million on second homes
- Purchase and rate/term refinance options available on primary residences and second homes
- No prepayment penalties
- First-time homebuyers permitted
- No mortgage insurance options available
- Cash-out options available on primary residence
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
3. SoFi
SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan options.
We spoke to a loan officer at SoFi to discuss their jumbo loan mortgage and this is what we learned:
- Loan amounts up to $3 million
- Down payments start at 10% and increase as the loan amount increases.
- No PMI, regardless of your down payment amount, resulting in lower monthly payments.
- 15-year or 30-year fixed rate products available
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
4. Regions Bank
Regions Bank is headquartered in Alabama but operates in 16 states across the country and is on the Fortune 500 list. Founded in 1971, the bank offers a full range of financial products, including jumbo loans.
We contacted Regions Bank to get additional details about the jumbo loan rates. Here are some key terms and highlights:
- Fixed rate and adjustable rate mortgages available
- ARM loans are normally fixed for 3-5 years and then adjust annually
- Lower down payment requirements or lower closing costs available for first-time home buyers
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
Do I need an Arkansas jumbo loan?
You may well need a jumbo loan in Arkansas if you are interested in a new, more modern property. Why is that? Conventional limits force you to use multiple mortgages to finance more expensive purchases. With the higher limits on a jumbo loan, you can finance your entire purchase with one mortgage, making for much more streamlined finances.
Keep in mind that conforming loan limits are set by the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, the two government-backed mortgage companies that buy most of the home mortgages made in the U.S. from mortgage lenders and resell them to private investors.
As prices in Arkansas continue to rise, more and more buyers in the marketplace will need the convenience of jumbo loans. When the alternative may be putting down a very significant down payment on a conventional loan like an FHA loan or VA loan to offset conforming limits, you can see why many homeowners of this state need jumbo loans.
The pros and cons associated with Arkansas jumbo loans
If you are considering a jumbo loan, you’ll want to look at the pros and cons. The most important pro, is that buy larger, more expensive homes is just easier with a jumbo loan
What are the cons? Well, Arkansas jumbo loans require that you have a good minimum credit score to qualify. These loans often come with higher interest rates, too. Finally, make sure you are prepared for an extended approval process, as well. You have to realize that banks are increasing their risk exposure with jumbo loans, so they will likely want to do their due diligence during the approval process.
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