Jumbo Mortgage FAQs [mortgageapproved.blogspot.com]
millythemortgageguy.com The approach to a JUMBO loan when talking to our Illinois and Wisconsin clients is simple "You've earned the big house..........not let's make sure you get the mortgage products you deserve as well." In today's video blog, Milly talks about the obstacles a home owner or potential home buyer in the states of Wisconsin or Illinois will run into when attempting to take out a loan with a balance greater than 7000.00. YouTube Video: youtu.be As always, Milly keeps us informed and let's us know we don't have to "sweat" the challenges of a JUMBO purchase or refinance. (In his own special way of course) We hope you enjoy today's installment! If you or any of your loved one have any questions regarding mortgage financing, home ownership or banking in general, please don't hesitate to hit that MILLY button!! Feel free to share or re-post this video. www.millythemortgageguy.com jameym@fairwaymc.com Phone: 877-407-5656
mortgageapproved.blogspot.com JUMBO Mortgages 101: You Can Love Your JUMBO Mortgage
After being hit hard in the wake of the housing crisis, the jumbo mortgage market is beginning to see signs of growth again. As more lenders are joining this area of lending, competition is growing and more loan products are becoming available. As a ... Jumbo Mortgage Volume on the Rise
If you're considering purchasing a high-value home in the United States, you'll most likely need to secure a jumbo mortgage. With interest rates close to their all-time lows, now could be the best time to find a jumbo home loan if you are considering refinancing your existing mortgage. Take a look at these frequently-asked questions to familiarize yourself with these special types of home loans.
 1. What is a jumbo mortgage?  A jumbo mortgage are special types of home financing instruments that are designed for high-value properties. Conventional loans have limits, so homes that are purchased at an amount higher than those limits requires special financing. The loan limits are set by the Federal Housing Finance Agency (FHFA).  2. What type of interest rates do jumbo loans have?  Depending on the market, and your own financial status, jumbo loans typically have a slightly higher interest rate than conventional loans. Jumbo loans are not sold to Fannie Mae and Freddie Mac in the secondary markets which limits lenders' abilities to quickly sell these mortgages.  3. What is the conventional loan limit?  Conventional loan limits will vary by location, property and can be higher in areas with higher home values.  In 2010, the conventional loan limit for a one-unit property was $ 417,000 for the continental U.S. ($ 729,750 for higher-cost areas) and $ 625,000 for Alaska and Hawaii ($ 938,250 for higher-cost areas). The loan limits for single family homes may vary from that of multi-family units.  Check with a real estate or mortgage professional who is familiar with your area to learn more.  4. What are the different types of jumbo loans?  There are several loan programs that fall under the jumbo loan umbrella. They can have fixed or adjustable rates. Most fixed rate jumbo loan programs are for either 30 or 15 years. The most popular adjustable rate jumbo loan programs are 5/1 and 7/1 ARMs. There are also adjustable rate mortgage programs that have introductory rates for 3 years and 10 years.  5. What kind of credit score do I need to qualify for a jumbo loan?  These numbers can vary by lending company, but a minimum score of 620 is usually needed for a full-documentation loan and a minimum score of 680 is often required for an interest-only jumbo loan.  For more information on jumbo financing, speak with a licensed mortgage professional serving your community.  Find More Jumbo Mortgage FAQs Articles
