Jumbo
Loans
Buying a home is a big step for anyone,
but can be especially difficult for someone
who is seeking a jumbo loan. A jumbo loan
is a loan for a home or property above the
conforming loan limit. The conforming loan
limit is the largest loan eligible for purchase
by the Fannie Mae foundation. The conforming
loan limit for 2006 was $417,000.00. This
is for a single family dwelling purchased
in United States, Puerto Rico and the District
of Columbia. For homes purchased in Alaska,
Hawaii and the Virgin Islands, the conforming
loan limit is $625,000.00. Mortgage loans
above these limits are considered jumbo
loans and do carry a higher interest rate.
These loans are not sponsored by the government;
therefore they are considered higher risk.
Jumbo mortgage loans or Super Jumbo Loans
offer homeowners the ability to take a mortgage
loan that exceed the conforming loan limits
set by Fannie Mae or Freddie Mac. With Interest
rates low some homeowners would like to
consider a jumbo loan to get more house
for their money. Typically jumbo loans have
higher interest rates than conforming loans.
This is because there is greater risk to
the lender with a higher loan amount.
Our
Jumbo Loan Specialists will research 100s
of lenders to find you the best Jumbo
Loan solution to meet your financial needs.
Apply Online its fast and easy and you
can receive a jumbo loan offer in 1 hour!
Super
Jumbo Loans Access
to high priced housing markets Afford
a larger home Close
in 2 weeks at your home Fast
and easy loan process
A Jumbo Home Loan gives the borrower the
ability to borrow over $333,700. A super
jumbo loan gives the borrower the ability
to borrow over $650,000. In some housing
markets this could be the average home price.
Jumbo loans allow borrowers to refinance
on homes that are priced over the conforming
limits. Each year these limits are usually
increased so it may be possible to refinance
from a Jumbo loan to a conventional and
save money over the length of the loan.
Conforming
Loans