We are now seeing a promising development in the mortgage arena. For the first instance in a long time, we are seeing private sector sale of mortgage debt completed that consists mostly of Jumbo Loans. Now that lenders know that these type of loans don't have to just stay on their balance sheet and they can be sold to investors in the secondary market, it's has opened up the availability of jumbo mortgage products and also has brought down rates. There are now a lot of people with low debt ratios that will be able to take advantage of what we're doing, offering jumbo mortgages and being able to reduce their monthly payment by buying a new home or refinancing!
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Jumbo and Super Jumbo Loans
Jumbo and Super Jumbos are mortgages with amounts greater than the conforming loan limit. The conforming limit is set every January. The current nationwide conforming limit is $417,000, with county specific high balance conforming loans up to $729,750, which are also the limits for 3.5% minimum down payment FHA loans. 2 to 4 unit limits are higher on both nationwide and county maximums. Available jumbo programs up to $10,000,000 plus are available as 30 and 15 year fixed rates, as well as numerous adjustable rates, with initial fixed periods of 1, 3, 5, 7, 10 years, and roll into annual adjustable rates after the initial fixed period.
Jumbo Loans
When a loan amount is higher than the conforming limit, it becomes a Jumbo- or non-conforming loan - with slightly higher interest rates. These are often portfolio loans and these days are rarely sold on the secondary mortgage market. Borrowers' loan requests are for loans greater than Fannie Mae, Freddie Mac and FHA limits discussed previously.
Jumbo and Super Jumbo Programs
There are numerous jumbo programs with virtually unlimited loan amounts to $5,000,000+. These loans feature loan to value ratios of 75% to 80% choices between variable interest rates with low initial interest rates. These programs are for owner occupied, 2nd home and non-owner occupied 1 to 4 unit properties.
With interest rates so low, consumer interest in Jumbos is very high. If you are interested in finding out about securing a high end home without the jumbo mortgage rate, or getting your Jumbo with a low (or no) down payment, talk to a mortgage expert.
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