Jumbo loans, as indicated by their name, are larger than conventional mortgages and classified as non-conforming. The reason for the distinction, aside from their cost, is their underwriting guidelines. For some jumbo loans, the underwriting process might require getting more than one appraisal to verify the actual value of the property. And the borrower may have to undergo even more financial investigation and submit more paperwork than normal to be approved.
Please contact an MVFCU loan officer for more information, or to request an application to be sent to you via mail or email.
- All rates and terms are subject to change without notice.
- Property must be located in the State of Alaska or Hawaii.
- The primary borrower must be an MVFCU member or able to become an MVFCU member prior to closing of the loan.
- The property must be either a primary residence or a second home.