[Tempe, 5/25/2017] - Primary Residential Mortgage, Inc. recognizes that there are needs that require a little extra help to achieve. It offers jumbo loans to those who want to buy a home, but cannot afford it at the moment due to the rising prices.

Understanding and Qualifying for Jumbo Loans

The company suggests that before clients give up on the American Dream, they should consider their options in terms of the money they can borrow to afford the home they want. Jumbo loans, as its name suggests, are significantly larger than normal mortgage loans. These exceed the conforming loans established by large agencies, Fannie Mae and Freddie Mac.

Conforming limits vary by location, but the average for most places is $417,000. Anything higher than that would require a jumbo loan. Before qualifying for a jumbo loan, here are a few reminders:
• Minimum down payment of 20%
• A credit rating of 720 or higher
• Proof that the client can afford the loan
• Mortgage payments at or below 38%

Primary Residential Mortgage, Inc. assists in seeking the best rates because it understands that banks are old-fashioned when considering this type of loan. The banking industry’s conservative approach is due in part to the potential pricing volatility of a property.

House Prices in Arizona

Currently, the average home value in Arizona is $220,800, which is a 7.4% increase over the past year. Zillow expects this to increase by 2.3% within the next year.

The average house pricing in the state is currently $259,999.

About Primary Residential Mortgage, Inc.

Primary Residential Mortgage, Inc. opened its doors less than a decade ago with a passion for providing transparency, as well as excellent customer service and experience, in the industry. With its unique approach to offering various types of loans, the company is able to close deals quicker than conventional lenders. It is also able to match its clients with the right service based on their lifestyles and capabilities.

For more information, visit http://www.prmiloans.com today.