What Is a Jumbo Loan?

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Jumbo loans normally carry a slightly higher interest rate ranging from 0.25% to 0.50%, depending upon credit and loan to value. Other differences include down payment requirements. Jumbo loans, like conforming loans, provide different rate structures for the same program based on credit scores and down payment amounts.

Jumbo home prices can be more subjective and not as easily sold to a mainstream borrower, therefore many lenders may require two appraisals on a jumbo mortgage loan. Costs [ edit ] The interest rate charged on jumbo mortgage loans is generally higher than a loan that is conforming, due to the higher risk to the lender.

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What is a Jumbo Loan? First, let’s talk about jumbo loans. As the name suggests, jumbo loans are for very large mortgages. These are only available in certain U.S. counties and they have to be in excess of $484,350. Because they fall outside of conforming loan restrictions, they aren’t backed by Fannie Mae or Freddie Mac.

A jumbo loan is a home loan for more than the conforming limit set by Fannie Mae and Freddie Mac. Interest rates on jumbo loans are comparable to rates on conforming loans.

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With a jumbo loan, you'll get low rates for your big loan. Offering a choice between fixed or adjustable rates, our jumbo loans offer maximum flexibility for home.

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Jumbo loans exceed conforming loan limits and can be harder to qualify for. Learn more about jumbo loans, investigate the jumbo loan limit for your area, and see our top picks for jumbo loan lenders.

What is a Jumbo Loan? A jumbo loan is simply any mortgage loan amount that is above the Fannie Mae and freddie mac conforming loans limits we have described above. For Example. In Alaska, a loan amount above $625,500 is a Jumbo Loan In the U.S. Virgin Islands a loan amount above $625,500 is a Jumbo Loan In Georgia, a loan amount above $417,000 is a Jumbo Loan

The VA jumbo loan is designed to be big enough to cover the size and cost of the home of your dreams. It is designed to help you purchase a home in a high cost area, or just purchase that home for your retirement where your family can call come and stay.

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