What is a Jumbo Loan?
U.S. government will insure through Fannie Mae or Freddie Mac, the government-sponsored entities that buy “conforming loans.” These “non-conforming” mortgages typically carry higher interest rates; we keep ours competitive.
Jumbo mortgages are available for primary residences, second or vacation homes and investment properties, and are also available in a variety of terms, including fixed-rate and adjustable-rate loans.
Today’s Jumbo Loan Rate
The jumbo threshold in 2020 is $510,400 in most locations, but in some places—such as Rockingham and Strafford counties in New Hampshire, and many counties in Massachusetts—the limit is much higher. Whether you end up needing a jumbo loan or a conforming loan, we have you covered.
Conforming Loans vs Nonconforming Loans
Conforming loans are mortgages that conform to financing limits set by the Federal Housing Finance Agency (FHFA) and meet underwriting guidelines set by Fannie Mae and Freddie Mac, whereas nonconforming loans do not. Loans above the conforming limit are known as jumbo loans, and the terms and conditions of these mortgages can vary widely from lender to lender, including affecting the minimum down payment, qualifying criteria and mortgage rate.
Mortgage/Home Equity Rates
Rates effective as of: 11/27/2020 11:41:22 AM (ET).
|PRODUCT||RATE||POINTS||ANNUAL PERCENTAGE RATE|
|30 Year Fixed Rate Mortgage||3.125%||0||3.355%|
|15 Year Fixed Rate Mortgage||2.625%||0||3.040%|
|30 Year Fixed VA||3.125%||0||3.355%|
|7/1 Year Adjustable Rate Mortgage||2.875%||0.875||3.173%|
|30 Year Fixed Mortgage Construction Single Close||3.125%||0||3.322%|
|Home Equity Line of Credit||3.250%||0||3.250%|
Rates posted are indications only and are subject to change without notice. Your actual rate and/or points may be different, as many factors go into providing you with a mortgage loan. The quotes above are based on a specific loan amount for the purchase of a single family primary residence. Please click on the Product Name for a Payment Example.
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Frequently Asked Questions
We routinely process and close mortgage applications within 30 days. However, there are many variables that determine the length of the process, including how fast you respond to our requests for documentation.
It depends on many variables, including down payment amount, loan program and property type. We do not have a published minimum credit score, however if you are putting down less than 20%, and are not using the VA loan program, the minimum credit score is typically 620.
Yes, we are a national lender! We do mortgages in all states with the exception of Alaska, Texas and Hawaii. Not all programs are available in all states. Construction loans are available only in NH and MA.
While it is possible that your loan will be sold (the standard Fannie Mae promissory note gives the lender the right to sell the loan), it is important to understand that we will still be servicing your loan. We generally do not sell our loans (there are some exceptions), and even if we do, you will still be making your payments to Service Credit Union and we will still be handling your escrow account (if you have one).
Yes; if you have a direct deposit of your net pay into a Service Credit Union checking account, and set up an automatic payment of your new mortgage from your Service Credit Union checking account, you will be offered a discount of .125% off our posted mortgage rates. This can save you thousands in interest over the life of your loan.
In certain circumstances, a co-signer is permitted. However, we will require that the occupant borrower be qualified from a credit and ability to repay perspective. Generally, we require a co-borrower vs. a co-signer. A co-borrower has the same liability as the primary borrower.
We do not have a specific bridge loan program. However, we may be able to achieve a bridge loan through the use of a home equity line of credit on the house you will be selling. This will depend on the amount of equity you have and your ability to qualify to carry the debt for your existing mortgage (if any), the home equity line of credit, and the mortgage on your new home.
We do not offer loans for rental properties.
We do not offer loans for manufactured housing (mobile homes) regardless of whether or not they are permanently attached to a foundation.
Hear From Our Happy Buyers
“I’m extremely impressed with how fast and smooth this home-buying process was with all parties involved, thank you.” – Kevin W., Sullivan, NH
“From start to finish, our refinancing mortgage was handled with courtesy and in a timely manner that was extended to us.” – Lawrence and Janet B., Wilton, NH
“I could not be happier with how Service CU handled my refi … I am truly happy I chose Service CU for all of my baking needs.” – Thomas R., Salem, NH
“Everyone did a great job. I would strongly recommend anyone to use Service CU. Thank you.” – Sergio Z, Peterborough, NH
“Excellent and professional service by all throughout the entire process. Well done.” Tim, Manchester, NH.”