Jumbo Mortgage Loans
Jumbo Mortgage Loans those above the Conforming Limit. Jumbo Mortgage Loans above $417,000 fall into several categories:
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Jumbo Mortgage Loans vs Conforming Mortgage Loans
The conforming limit is a mortgage amount set by Congress and is the maximum loan size eligible for purchase by either Fannie Mae or Freddie Mac, two Federally chartered organizations who purchase the underlying securities from mortgage originators. Those funds are reinvested in new mortgages completing the flow of funds cycle.
The current conforming limit is set at $417,000. Any mortgage loan amount above that figure is considered a jumbo loan and is often subject to an interest rate pricing premium as well as to some additional underwriting restrictions. A common strategy to lower overall interest costs if your purchase or refinance balance is above $417,000 is to use a combination of both first and second trust or home equity line of credit, referred to as an 80/10/10 Jumbo Mortgage Loans or 80/15/5 Jumbo Mortgage Loans. Every situation is different, but it is one more option to consider.
Many clients are converting from fully amortizing payments to an interest only approach with a significantly lower monthly payment. I have some extensive information available.
We offer you the ability to qualify and close into several unique programs which accommodate borrowers with non traditional income or asset situations. Please visit my No Doc Jumbo Mortgage Loans page.
I have a page on how to calculate your Jumbo mortgage loans qualification ratios.
I have a page on jumbo mortgage loans documentation requirements.
Read more about jumbo Closing Costs
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