MORTGAGE.INFO LENDER HOTLINE: 888-581-5008 What is a Jumbo Loan? Loans are considered Jumbo loans if the loan amount exceeds the conforming high-balance loan limits. For most loans there is a maximum value amount that a borrower can borrow of any individual mortgage from a lander. This was set up by the Fannie Mae and the Freddie Mac enterprises. The current limit is $417,000 in most of the US but this number can reach up to $625,000 in some high-cost areas. These loans can be used for primary residences, second vacation homes, as well as investment properties Jumbo can be considered a higher risk for lender mainly due to the large monetary size rather than the credit quantity. These loans can sometimes have higher interest rates than conforming loans and can have a stricter underwriting. This is due to the large amount that is being borrowed. Costs The cost of a Jumbo loan is generally higher than than other loans that are conforming loans. The spread ranges between .25% and .5% however the cost will vary based on the lender. In recent years the rates are attractive for Jumbo loans so make sure to shop around. What are the qualifications? 20% down or (20% equity in refinance) Documented income proof required Monthly mortgage payment must be no more than 38% of income before taxes. Likely will be required to get an adjustable-rate loan. Requires 2 appraisals Requires a high credit score While Jumbo Loans are not the easiest loans to qualify for they can help make big purchases. The rates of Jumbo loans are always changing so it is important to stay current and shop around with lenders. Talk with a lender today to see if you qualify and get a quote.

1. Jumbo Loans
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2. What is a Jumbo Loan?
Loans are considered Jumbo loans if the loan
amount exceeds the conforming high-balance loan
limits. For most loans there is a maximum value
amount that a borrower can borrow of any
individual mortgage from a lander. This was set up
by the Fannie Mae and the Freddie Mac enterprises.
The current limit is $417,000 in most of the US but
this number can reach up to $625,000 in some
high-cost areas.
These loans can be used for primary residences,
second vacation homes, as well as investment
properties
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008

3. Jumbo can be considered a higher risk for
lender mainly due to the large monetary size
rather than the credit quantity. These loans can
sometimes have higher interest rates than
conforming loans and can have a stricter
underwriting. This is due to the large amount
that is being borrowed.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008

4. Costs
The cost of a Jumbo loan is generally higher than
than other loans that are conforming loans. The
spread ranges between .25% and .5% however the
cost will vary based on the lender. In recent years
the rates are attractive for Jumbo loans so make
sure to shop around.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008

5. What are the qualifications?
20% down or (20% equity in refinance)
Documented income proof required
Monthly mortgage payment must be no more
than 38% of income before taxes.
Likely will be required to get an adjustable-rate
loan.
Requires 2 appraisals
Requires a high credit score
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008

6. While Jumbo Loans are not the easiest loans to
qualify for they can help make big purchases. The
rates of Jumbo loans are always changing so it is
important to stay current and shop around with
lenders. Talk with a lender to day to see if you
qualify and get a quote.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008

7. T O L E A R N M O R E
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C L IC K HE R E
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8. Justin McHood is Americas Mortgage
Commentator and has been providing
Mortgage commentary for over 10 years.
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INFORMATION PROVIDED BY:
Justin McHood
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