Can I get a Jumbo Loan for my First Home?

Diploma in one hand. Keys to your first home in the other. 

As a recent graduate and a first-time buyer, you may be thinking, “Maybe I should just rent a place” … “I don’t know what I can afford” … “Buying a nice home is still a few years down the line.” 

UHL is here to prove that a dream home and Jumbo Loan is within reach, even for first-timers.

Why Buy? Success in the Present and Future

As you search for your first home post-grad, it may seem easy to do what you know – rent an apartment. But by taking your next step as a buyer instead of a renter, you will do both your current and future self a favor. Consistent monthly payments on a home are cost-comparable to monthly rent payments. Owning also allows you to build equity which contributes to future financial stability.

And you won’t need a tape measure to realize that, spacially, you will get a lot more bang for your monthly budget bucks when buying a home versus renting an apartment. Especially when you are able to get everything you want in your first home.

First Home = Jumbo Home.

How is it possible for your dream home to be your first home? Low down payments make securing your loan possible and low rates on monthly payments make Jumbo mortgages affordable. With guidance from UHL’s team of Jumbo loan experts, first-time buyers can know their options and feel secure in their choices. 

At UHL, you can land a Jumbo Loan with as little as 5% or 10% down*. You can also choose between fixed and adjustable-rate mortgage options to give you control over your monthly payments. For our recent med school graduates, our Doctor Loan Program is designed with you in mind, helping you to take out a Jumbo Loan right after medical school.

No Need to Pay for Points

Most importantly, our Jumbo Loans are straightforward and come with zero discount points. Discount points are offered by lenders as a way to reduce your interest rate by paying an upfront fee (1 point is typically equal to 1% of the loan amount). The catch is that these points may never get you to the point of breaking even on your “discount.” Especially if you do not plan on your first home also being your forever home.  

Where borrowers get tripped up on points is while rate shopping. The majority of lenders include discount points in their advertised rates. But how many of us are clicking on the tiny “Disclaimers” button? Let’s say you see the same rate of 5.25% on two different sites. But one has the little asterisks that you glossed over denoting the rate factors in 1.875 discount points. Depending on the purchase price of the home, that 1.875 translates into an extra $10,000+ that you will need to bring to closing. 

So why do zero points matter? It saves you money. A lot of it actually! UHL offers the same interest rate and payment, without extra fees from points. Yes, we keep it that simple and straightforward.

Getting on the Road to Your First Home

So where do you begin? We understand that as a first-time homebuyer, you don’t know all the tricks of the trade and that Jumbo Loans can sound a little intimidating. With guidance from our Buyer Education resources and our team of mortgage experts we can help you not only secure your first home, but navigate you through a transparent process to loan advice and homebuying knowledge. 

To learn more about qualifying for a Jumbo Loan on your first home, and to get your pre-approval started, contact our team.

*5% down not available in all states. (Available in IL, IN, IA, KY, MI, MN, OH, and WI)