Facebook Twitter Instagram
    Mortgage.info
    • First Time Homebuyer
    • Loan Programs
    • VA Programs
    • Refinancing
    • Beyond the Mortgage
    Mortgage.info
    Home»Jumbo

    Jumbo

    Jumbo - Mortgage.info
     

    What is a Jumbo Loan?

    Loans are considered Jumbo loans if the loan amount exceeds the conforming high-balance loan limits. For most loans there is a maximum value amount that a borrower can borrow of any individual mortgage from a lander. This was set up by the Fannie Mae and the Freddie Mac enterprises. The current limit is $417,000 in most of the US but this number can reach up to $625,000 in some high-cost areas.

    These loans can be used for primary residences, second vacation homes, as well as investment properties

    Jumbo can be considered a higher risk for lender mainly due to the large monetary size rather than the credit quantity. These loans can sometimes have higher interest rates than conforming loans and can have a stricter underwriting. This is due to the large amount that is being borrowed.

     Click Here To Get Matched With A Lender »

    Costs

    The cost of a Jumbo loan is generally higher than than other loans that are conforming loans. The spread ranges between .25% and .5% however the cost will vary based on the lender. In recent years the rates are attractive for Jumbo loans so make sure to shop around.

    What are the qualifications?

    • 20% down or (20% equity in refinance)
    • Documented income proof required
    • Monthly mortgage payment must be no more than 38% of income before taxes.  
    • Likely will be required to get an adjustable-rate loan.
    • Requires 2 appraisals
    • Requires a high credit score

    While Jumbo Loans are not the easiest loans to qualify for they can help make big purchases. The rates of Jumbo loans are always changing so it is important to stay current and shop around with lenders. Talk with a lender to day to see if you qualify and get a quote.  

    Jumbo mortgage loan rates, lenders and guidelines. Jumbo loans are popular in 2016 and each lender is different. Get qualified for free.

    Click Here To Get Matched With A Lender »

    Jumbo Loan- Mortgage.info from Mortgage Commentator

    Click Here To Get Matched With A Lender »

    Mortgage.info
    © 2023 Mortgage.info Designed by ThemeSphere.

    Type above and press Enter to search. Press Esc to cancel.