Jumbo loans exceed the maximum loan amount offered by Fannie Mae and Freddie Mac. Most area’s range from $726,200 and up, and are available as fixed rate loans or adjustable rate loans.
Jumbo loans enable the purchase or refinance of higher valued home or condominiums (primary or 2nd home) and are attractive to buyers that want to leverage assets.
Many people initially consider making a large down payment to reach the conforming loan limits however:
Adjustable Rate Mortgages: After the initial period your interest rate can change once a year.
· Competitive rates, typically about 1% lower than conforming rates.
· Down payment as low as 10%.
· Loan amounts up to $3M.
· Eligible on primary, second and investment properties for purchases, rate/term and cash-out refinances.
NEW PRIME JUMBO
Any home loan for amounts higher than $726,200.
Downpayment options now as low as 10%.
For more information on Jumbo Loans, chat with us or give us a call!