Jumbo Mortgage Loans, Limits & Rates | First Bank & Trust

Jumbo Mortgage Loan

Dream Big for Your Next Home

While there are a variety of options for mortgage loans, a jumbo loan is one to consider if you are making a large home or property purchase. A jumbo loan is used when the mortgage exceeds the loan-servicing limits (set by the FHFA) of $766,550 for a single-family home. With these limits released, a jumbo mortgage provides another avenue for purchasing your desired property.

Jumbo loans may include a larger down payment, higher interest, and stricter regulations than a conventional mortgage loan. However, jumbo loans can be used for primary residences, second homes or vacation homes.

At First Bank and Trust Company, we understand that high-value properties require specialized mortgage solutions. Whether you prefer the stability of a Fixed Jumbo Loan Rate or the initial cost savings of an Adjustable Jumbo Loan Rate, our Mortgage Bankers are here to guide you through the options.

With our Fixed Jumbo Loan Rates, you lock in a stable interest rate for the entirety of your loan term. This option is ideal for those seeking predictability and long-term financial planning. Our Mortgage Bankers will work with you to find a fixed rate that aligns with your financial goals.

Looking for more flexibility in your mortgage payments? Our Adjustable Jumbo Loan Rates provide an initial period of lower interest rates, allowing you to take advantage of potential cost savings. After the initial period, the rate may adjust based on market conditions. Our Mortgage Bankers will help you understand the terms and choose the best adjustable rate option for your financial situation.

Unlock the door to upscale living with our Jumbo Loan offerings, specifically tailored for high-value properties. First Bank and Trust Company provides Jumbo Loan options with limits ranging from $766,550 to $3 million. Whether you're eyeing a spacious primary residence, a luxurious vacation home, or a second property, our Jumbo Loan program has you covered.

Key Features of Our Jumbo Loan Limits:

Flexible Financing: Access financing beyond conventional loan limits to accommodate the unique requirements of your high-value property.
Competitive Rates: Benefit from competitive interest rates designed for Jumbo Loans, ensuring you receive favorable terms.
Tailored Solutions: Our Mortgage Bankers understand the intricacies of high-value transactions and will work closely with you to tailor a financing solution that meets your specific needs.

Versatile Usage: Use Jumbo Loans for primary residences, vacation homes, or second properties, providing you the freedom to choose the lifestyle that suits you.

Competitive Mortgage Loan Rates

At First Bank and Trust Company, we offer competitive mortgage loan rates for the life of your loan. Whether you need a fixed rate or to simply refinance your current mortage, our Mortgage Bankers will find a financing solution that works for you.

Since mortgage interest rates change frequently with the market, it’s best to work with your local Mortgage Banker to get your custom rate quote.

Get your custom rate quote. Call or apply today.

Know Your Options

Jumbo vs. Conventional Loan

It may be interesting to know that jumbo loans are a type of conventional mortgage loan since it is guaranteed through a private mortgage lender like First Bank and Trust Company. However, the two differ in how they are classified by Federal Housing Finance Agency (FHFA) standards. A jumbo mortgage is nonconforming because it exceeds the loan size set by FHFA requirements. Conventional loans may be nonconforming or conforming.

Jumbo and conventional loans may also differ in credit score, down payment and income requirements.

Whether you need a jumbo loan, conventional loan or another type of mortgage loan, our knowledgeable experts are here to assist you with the loan solution that best fits your needs.

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