Why would I want a Jumbo Mortgage
You should consider a Jumbo Mortgage Loan if you need to borrow more than $417,000. The current cutoff between standard mortgages and Jumbo mortgages for a single family is $417,000. Fannie Mae sets the Jumbo Mortgage limits each year.
What can I use a Jumbo Mortgage for, and what are my Jumbo Mortgage options
You can use a Jumbo Mortgage to purchase any kind of residence including primary residences, secondary residences (AKA vacation homes) or other investment properties. You can pay your Jumbo Mortgage with a number of different plans. The most popular are Adjustable Rate and Fixed Rate programs. ASix Month LIBOR Interest Only Loan has also become very popular for Jumbo Loans, and Stated and No-Doc programs are also available.
Why should I get a Jumbo Mortgage
A Jumbo Mortgage will help you buy a more expensive house than you would normally be able to buy. Your interest rates will be a little higher than they would with a regular mortgage, but it may be worth it if it means having your dream house. You may also be interested in a Jumbo Loan if you want to invest your money by having multiple properties.
How can I get a Jumbo Mortgage
We would be pleased to help you with a Jumbo Mortgage Loan. Click here to continue.
How can my FICO/Credit Score affect my mortgage rate
Your FICO and Credit Score are determining factors for your mortgage rate. If you scored between 720 and 850 you are A-Paper. A-Paper means you have good credit, and therefore very little to worry about when searching for a loan. If you scored below 660, you will have a difficult time finding a lender. If you scored below 620, you are Sub-Prime, or Non-Prime.
To learn more about your credit score and receive a detailed credit report, take advantage of this free credit report offer.
Q: Does the qualifying limit for a jumbo loan change depending on how big the house is?
A: Yes. Each year Fannies Mae announces the loan limits for one to four family loans. The limits for 2006 are:
• 1 Family- $417,650
• 2 Family- $533,850
• 3 Family- $645,300
• 4 Family- $801,950
Q: What is a Super Jumbo Mortgage?
A: A Super Jumbo Mortgage is what it sounds: an even bigger loan than a Jumbo Loan. This year, a Super Jumbo Loan for a single family will exceed $650,000.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.