If you are looking to purchase a higher priced home or live in a more expensive part of town a Jumbo Loan might be the loan program for you. This report will educate you on exactly what a Jumbo Loan is.
Loans above the conventional loan limit amount established by Fannie Mae and Freddie Mac are known as jumbo loans. There are also other larger jumbo loan programs for properties that are above jumbo loan limits. Those programs being called super jumbo loans and maximum super jumbo loans. Jumbo loans tend to be harder to qualify for so it is important to educate yourself so you don’t end up paying too much for one.
Here are the basics of a jumbo loan:
Higher Loan Limits– Jumbo loan limits are higher, however the limits are different from county to county. They are never higher then $625,000 as of Oct 1 2011. Super jumbo loans have a limit of $1,500,000. Then maximum super jumbo loans go up to $20,000,000.
Higher Interest Rates– Because of the higher loan amounts, they are more difficult to close which is why the rates tend to be higher.
Not everyone can do jumbo loans but we do. They are more complicated then traditional loan program so that why you need an expert to guide through the process. Contact us today