Union Bank
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Jumbo Home Loans

At Union Bank, we are dedicated to helping you secure the home of your dreams. Luxury homes are no exception. Whether it’s your primary or secondary home, our tailored Jumbo Loan program services the needs of Vermont and New Hampshire luxury home buyers. Our experienced mortgage lending team will work closely with you to understand your unique financial needs, ensuring we meet your financing goals.

To qualify for a Jumbo Home Loan, borrowers typically need a strong credit history, a low debt-to-income ratio, payment reserves, and a sizable down payment.

Are you ready to make your dream home a reality? We encourage you to start your Jumbo Home Loan application online today. Our secure and user-friendly online platform makes it easy for you to submit your application and track its progress. If you prefer a more personalized approach or have questions about your specific financial situation, contact our knowledgeable lending team for one-on-one assistance.

Frequently Asked Questions about Jumbo Home Loans

  1. What is the difference between a Jumbo Home Loan and a conventional mortgage?

    A Jumbo Home Loan is designed for home purchases that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. The 2024 current limit is $766,550.  Jumbo loans typically have stricter underwriting requirements and may have slightly higher interest rates compared to conforming mortgages.

  2. Can I use a Jumbo Home Loan for a second home or investment property?

    Yes, Jumbo Home Loans can be used for purchasing second homes, and in some occasions investment properties. However, the underwriting requirements may be more stringent, and the down payment requirements may be higher compared to primary residence purchases.

  3. Are there any special requirements for construction loans or home equity loans that exceed conforming loan limits?

    Yes, construction loans and home equity loans that exceed conforming loan limits will be treated as Jumbo Loans, with similar requirements and underwriting criteria.

  4. Do I need a large down payment for a Jumbo Home Loan?

    Down payment requirements for Jumbo Home Loans may vary depending on the loan amount, property type, and borrower’s credit profile. Generally, a larger down payment is required for Jumbo Loans compared to conventional mortgages. Our mortgage lending team can help you determine the appropriate down payment for your situation.

  5. What are the current Jumbo Home Loan rates?

    Jumbo Home Loan rates can change frequently. To view our most up-to-date rates, please visit our mortgage rates page.

  6. Can first-time homebuyers qualify for a Jumbo Home Loan?

    First-time homebuyers can qualify for a Jumbo Home Loan if they meet the stricter underwriting requirements.

  7. How do I know if I qualify for a Jumbo Home Loan?

    To determine if you qualify for a Jumbo Home Loan , we recommend reaching out to our mortgage lending team for a personalized assessment. We will evaluate your credit history, debt-to-income ratio, down payment, and other factors to determine your eligibility.

  8. Can I refinance my existing Jumbo Home Loan with Union Bank?

    Yes, Union Bank offers refinancing options for existing Jumbo Home Loans. Our team can help you explore options to lower your interest rate, change the term of your loan, or consolidate other debt.

  9. How do Jumbo Home Loan requirements differ between Vermont and New Hampshire?

    While the general requirements for Jumbo Home Loans are similar in both states, there may be slight differences in state-specific regulations and property values. Our experienced lending team is well-versed in the requirements for both Vermont and New Hampshire and can guide you through the entire process.

  10. What documentation will I need to provide for a Jumbo Home Loan application?

    When applying for a Jumbo Home Loan, you will typically need to provide documentation such as proof of income (e.g., pay stubs, W-2 forms, or tax returns), bank statements, credit reports, and information about your assets and liabilities. The exact documentation required may vary depending on your specific situation and the loan amount. Our lending team will guide you through the application process and let you know what documentation is needed.

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