What is a Jumbo Mortgage?
A Jumbo Mortgage requires a very high credit quality and exceeds conforming loan limits as stated by Fannie Mae and Freddie Mac. These loans also have interest rate that are higher than conforming loans due to greater risk involved.
Who can qualify for a Jumbo Mortgage?
Jumbo mortgages are usually loan amounts that exceed $417,000.00 or some more pricey housing markets $625,500.00 such as New York or San Francisco.
Normally the maximum amount available for a jumbo mortgage is $5,000,000.00 although there may be other sources available for larger loan amounts
Jumbo Loan Terms –
Fixed rate 15 or 30 years
15 and 30 year Jumbo fixed rate mortgages work exactly like a conforming fixed rate mortgage.
ARMS (Adjustable Rate Mortgages) have different fixed rate periods.
Typically Jumbo ARMS are fixed for a period of 3 years, 5 years, 7 years or 10 years.
Types of properties eligible for a Jumbo Mortgage
Jumbo Mortgage are available on primary residence as well second homes and investment properties.
Looking to qualify for a Jumbo Mortgage?
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