St. Louis Mortgage Help

The Best Jumbo Lender with The Lowest Interest Rates

January 2nd, 2012 2:29 PM by Bob Rutledge

The best Jumbo Mortgage Lender in the ENTIRE St. Louis and St. Charles area! What exactly does that mean? What constitutes the best? Is it the lowest interest rates? A large and ranging selection of mortgage programs? Easier qualification? The answer to the question of what lender is the best Jumbo lender in the area will depend on you and your needs. Jumbo Mortgages, purchae and Refinance

Ever since 2008 when the mortgage industry went through some dramatic and lasting changes it is the Jumbo mortgage market that got hurt the worst. Many home owners and home buyers looking to purchase and finance a new home or refinance have found it extremely difficult if not nearly impossible to get a new mortgage. Most lenders at the time did not want to take the risk of providing Jumbo mortgages so they restricted their programs or did away with them all together. Now, it is the start of 2012 and there are several lenders putting their toe into the water of Jumbo mortgages, they are testing the water but I am seeing a lot of great changes to the Jumbo mortgage mortgage.


In the St. Louis area and all over the State of Missouri the conventional maximum loan limit is set at $417,000, so any loan over the conventional loan limit cannot be bought by FannieMae or FreddieMac. Any mortgage loan with a principal balance of over $417,000 for the most part will be considered a Jumbo mortgage.


Is having the lowest interest rate for Jumbo mortgages the criteria for making USA Mortgage the BEST Jumbo Mortgage Lender in St. Louis and St. Charles Mo? Well, I certainly think it wouldn't hurt, interest rates greatly effect your house payment when your loan amount is so much higher than the norm. So looking for a lender with the lowest interest rate is paramount to many Jumbo borrowers.

A .250% difference of interest rate on a principal balance of $800,000 equates to a annual savings of $2000, over a short 5 year period this is a savings of $10,000! As anyone knows, your money in your pocket will do better for you than it would in your banker's pocket.

Are you looking for the lowest interest rate? If you are; please make sure you are considering the cost of getting that extremely low interest rate. With that warning having been made I will offer you this; I have not found any Jumbo Lender in the St. Louis area who can beat USA Mortgage's Jumbo interest rates across the board and especially so when you consider the cost of gaining that low interest rate.

Do you want the lowest Jumbo interest rate for your new home purchase or to refinance your current mortgage? I encourage you to contact me or visit my website and ask for a quote, it only takes a few minutes to save thousands of dollars. If the lowest interest rate isn't the only item you need in a new Jumbo Mortgage than I know USA Mortgage is your answer.


Jumbo borrowers seem to be more in need of wider or more lacked underwriting standards than government loan and conventional loan borrowers.  Back in 2008 all of the Jumbo lenders made their deepest cuts to the lending guidelines that made borrowing money so easy, they made their lending guidelines so tight that only a few borrowers could actually get a Jumbo mortgage. Recently, many lenders have loosened their guidelines. Though Lenders still pay attention to risk it is easier to get a Jumbo Mortgage today.

As of this writing I still have no ability to provide a mortgage to a Jumbo borrower who cannot prove income, there still is no Stated Income loan programs available to Jumbo borrowers. I do have a program that allows for stated assets, and this has helped a few of my recent borrowers get new mortgages! 

We aren't back to the old days but I doubt we will ever see those days return. I am doing more and more Jumbo loans today because the lenders I work with are opening up their lending guideline to allow more borrowers in. To discuss all that is now available would be too plentiful to put into this already too long article, I suggest you contact me or visit my website to learn what is available to you. Below is a list of some highlights of what many new Jumbo borrowers are finding at USA Mortgage:

  • New Loans up to a $3,000,000.00
  • Loan to Value ratio of 90% on purchases and refinances, single loan (rate and term only)
  • No Mortgage Insurance option up to 90% loan to Value, single loan
  • Adjustable Rate Mortgages: 1/1, 3/1, 5/1, 7/1 and 10/1 options
  • Fixed Rate Mortgages: 10 year, 15 year, 20 year, and 30 year options
  • Interest Only options
  • CASH OUT options up to a 90% Loan to Value
  • Credit Scores as low as 650
  • Second Homes and Condo eligible options
  • Maximum 50% total debt to income ratios
  • Self Employed are welcomed
  • Stated Assets
  • Cash out up to $250,000 cash in hand option
  • Single appraisal options

What else may you need to get your new Jumbo Mortgage loan? Give me a call, send me an email or visit my website and find your answer there. If you are looking to purchase a new home or refinance you existing home in the St. Louis area, St. Charles, Chesterfield, Clayton, Ladue, Frontenac, Town and Country or anywhere in Missouri you owe it to yourself to see what USA Mortgage can do for you. From the lowest Jumbo interest rates to the best jumbo loan programs, we have it all waiting for you.

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Posted by Bob Rutledge on January 2nd, 2012 2:29 PM


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Loan Officer NMLS#: 297044

New American Funding 12321 Olive Blvd, ste 150
St. Louis, MO 63141