Jumbo Buster
The Jumbo Buster program is a viable alternative to obtaining a traditional jumbo mortgage (loans over $453,100), and offers a wide range of flexibility and savings. This option utilizes a conventional first mortgage that is under the jumbo threshold and then a second mortgage is used to finance the remainder of the total mortgage requested.
Is It Right for You?
An excellent choice for homebuyers seeking to purchase a larger home, while avoiding the higher interest rates and down payment requirements that typically accompany jumbo loans.
Is It Right for Your Situation?
Primary residence, single family and 2-4 unit properties, condos and townhomes, and Planned Unit Developments (PUDs); first mortgage loan amounts up to $453,100 or based on County High Balance Limits, and second mortgage maximum loan amount is $300,000.
Features and Benefits
- Down payments as low as 5%
- Combines a first and second mortgage to avoid jumbo mortgage thresholds
- No Private Mortgage Insurance (PMI) required
- Fixed-rate, Adjustable Rate Mortgages (ARMs) and High Balance options available (first mortgage only)
- Fixed-rate options: Terms up to 20 years (second mortgage)
Big loans don’t have to mean big hassles, and even bigger down payments. Gateway’s Jumbo Buster program delivers on its promise to make the homebuying experience easier by eliminating the restraints and difficulties that sometime occur with jumbo loans. Be sure to check out the Conventional Loan section of the website for more information about how the first mortgage works.
Ready to get expert advice and determine what works best for your personal situation? Contact one of our local, caring mortgage professionals at a Mortgage Center Near You.
