Jumbo Loans, from the Educator Mortgage Program, by Supreme Lending

As a subset of conventional loans, jumbo loans, from the Educator Mortgage Program, are loans that do not comply with the guidelines set out by the Fannie Mae and Freddie Mac with respect to the loan limit permissible from lenders to borrowers.

Typically, there are counties with conforming loans close to five hundred thousand dollars, but when it shoots above this amount, a jumbo loan is the next logical step.

Watch to see how the Educator Mortgage Program works:
Special programs available to:
Teachers, Faculty, Coaches, Librarians, Nurses, Secretaries, Custodial/Facilities Staff, School/District Leadership, Professors, Adjunct Faculty, Counselors, any ISD/Higher EDU/Private EDU employee.

Special Home Mortgage Programs for Teachers and Educators Discounted Closing Costs

How Jumbo Loans, from the Educator Mortgage Program, Differ from Conforming Loans

We know that jumbo loans, from the Educator Mortgage Program, always blow the loan limit for conforming loans, so we need to know exactly how they differ from conforming loans. These differences between jumbo loans and conforming loans are highlighted in the following ways:

Closing Costs and Fees

For jumbo loans, from the Educator Mortgage Program, the fees and costs at closing require some extra steps for qualification because the amount of the loan is bigger. Whereas conforming loans are easier and more affordable at closing.

Size

Jumbo loans sit atop conforming loans whose limit is pegged at $510,400 for most counties and $765,600 for more expensive counties. For jumbo loans from the Educator Mortgage Program, the amount is more open-ended in nature.

Interest Rates

Typically, conforming loans have lower interest rates but because of the higher amount of money and the greater risks involved with jumbo loans, the interest rates charged on jumbo loans are higher. Fortunately, if a teacher is looking around long enough and compares different interest rates offered by lenders, they could possibly get interest rates at par with the interest rates on conforming loans.

Down Payments

Down payments are affordable on conforming loans. A teacher has different options to choose from with respect to the initial payment (down payment), starting from a meager percentage of 3% of the value of the assessed sale price of the home. With jumbo loans, it is 10% of the value of the sale price of the home as the minimum you can get and that is if you are fortunate to get that, the down payment rate is usually set at 20%.

So how do you qualify for a jumbo loan, from the Educator Mortgage Program, by Supreme Lending?

Qualification Requirements for Jumbo Loans, from the Educator Mortgage Program

Qualifications for a Jumbo Loan:

  1. Ample cash reserve.
  2. Provision of tax documentations (1099s and W-2s), investment accounts and bank statements.
  3. Auxiliary home assessment/evaluation.
  4. 700-720 credit score rating.
  5. Low debt-to-income ratio.

Once a teacher has these qualification requirements in check, you are closer to securing a jumbo loan than you may think. Let us help you get there! Reach out to our team at the Educator Mortgage Program, By Supreme Lending, to evaluate your qualification requirements and secure a jumbo loan for you.

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So many programs today are underfunded,
and so many educators today need a break –
we are here to help!

Our Educator Mortgage Process

Everyone employed within the education industry is eligible for the Educator Mortgage Program. The Educator Mortgage Program offers reduced closing costs, reduced real estate agent fees, priority loan processing, and donation to the school program of your choice.

Step 1: Apply Online or Call us!

Simply apply for a home purchase or home refinance loan to find out your options. Speak to a loan officer today. Apply online or call now!

Step 2: Processing & Underwriting

The process of getting a home loan can often be a confusing and stressful time. With the Educator Mortgage Program, we strive to take the guess work and stress away. Our dedicated staff works diligently to make the process as fast and easy as possible. Educators take priority in our world.

Step 3: Closing & Donation

After completing the loan process, we will take care of any last minute details and schedule your closing. You let us know what school department you want us to donate to! Does the math department need new calculators? Or does the gym need some new equipment? You tell us where to allocate those funds. You shape our children, our communities, our future. Let us serve you, your family, your future. Call us today.

1-855-720-2040

1 The Educator Mortgage Program through Supreme Lending entitles the borrower to a closing cost credit equal to .20% of the funded loan amount up to the lesser of $800 or total closing cost amount. The credit applies to all loan products other than Bond Programs, which are not eligible under the Educator Mortgage Program. The lender credit will be reflected on the Closing Disclosure. No part of Lender Credit can apply to or offset down payment. Special incentive program subject to change without notice. This offer not valid with any other incentives or discounts.
2 The Educator Mortgage Program through Supreme Lending entitles the eligible home buyer and/or seller to a credit against real estate fees equal to .20% of the loan amount up to a maximum of $800. Subject to Real Estate Agent participation. Supreme Lending will make best efforts to identify a participating Real Estate Agent but does not guarantee Real Estate Agent participation. In the case of no Real Estate Agent participation the home buyer or seller will not receive the discounted Real Estate Agent fees. See eligibility requirements listed above for qualifying buyer, seller and borrower.
3 The Educator Mortgage Program through Supreme Lending also entitles the borrower to obtain a donation from Supreme Lending to their preferred school program equal to .05% of the loan amount, up to a maximum of $200. The donation is available on all loan products other than Bond Programs which are not eligible under the Educator Mortgage Program. The donation will be made directly to the school.
A participating Real Estate Agent may also make a donation to the borrower’s preferred school program equal to .05% of the loan amount, up to a maximum of $200. Subject to agent participation. Supreme Lending will make efforts to identify a participating Real Estate Agent but does not guarantee Real Estate Agent participation. In the case of no Real Estate Agent participation the home buyer or seller will not be entitled to this donation, but it will not affect the lender credit or lender donation in any way. The donation will be made directly to the school.

Get Started Today

Want to learn more about our home loan programs? Please provide us with your information below or contact us at
1-855-720-2040.
* denotes required fields.

    Minimum credit score of 620 required.

    The Educator Mortgage Program does not offer down payment assistance.