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What is a Jumbo Loan?

September 10, 2012

Looking to buy a above average or luxury home? Depending on the price, you just might need a jumbo loan. A jumbo mortgage is a home loan with an amount that exceeds conforming loan limits designated by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy mortgages from lenders. The limit is $417,000 in most parts of the United States, but can raise to $625,500 in the highest-cost areas. Since the definition of jumbo loan varies from state-to-state, when you begin your home buying process, you will need to answer the question of what is a jumbo loan by doing research within your local area.  If you are selecting a jumbo loan as an option to buy a large home, ensure that you consider the additional costs carefully. If you can afford a jumbo loan and want a large home, it is certainly a viable option; but you always want to understand exactly what is a jumbo loan before making that choice.

Read more about Jumbo Loans at the helpful links below-

Jumbo mortgage
From Wikipedia, the free encyclopedia

Conforming Loan Limit

Jumbo Loan

 

 

REALLY FAST CLOSING!

&

REALLY LOW RATES!

NEW: 80% to $1,500,000!!!
QUALIFY AT THE START RATE or Fully Indexed Rate
  •          Ratios are 40/45 (fully amortized)
DEPARTING RESIDENCE:
  •          NO MINIMUM EQUITY POSITION
  •          NO Previous Landlord experience
  •          NO Rental Agreement or deposit check
  •         JUST a RENT SURVEY!
NOTES:  Reserves: 2 mos on subject, 6 mos on departing residence, 75% max LTV
TRUE BLENDED RATIOS!
  •          Purchase loans – NO Occupant ratios!

If you are currently in need of a loan, we have the educated staff you need to see you through the loan processIf we can’t get you a loan, No one can!  Fill out an application online today and put yourself one step closer to owning a home!

Visit Our Website:
http://pmcmortgageloans.com/

FOR A FAST PRE-APPROVAL:
Complete a loan application on our website
http://pmcmortgageloans.com/mortgage_application.php

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