Jumbo Mortgages:
A Jumbo Mortgage is a mortgage with a loan
amount above conventional loan limits. Jumbo
Mortgages apply when Fannie Mae (FNMA) and
Freddie Mac (FHLMC) limits don't cover the
full loan amount.
Fannie Mae and Freddie Mac are
large agencies
that purchase the bulk of residential
mortgages
in the U.S. They set a limit
on the maximum
dollar value of any mortgage
which they will
purchase from an individual lender.
Currently, this limit is $417,000.
This leaves
a portion of the market to look
elsewhere
for placement. Other large investors,
such
as insurance companies and banks,
step in
to fill the need with maximum
mortgage amounts
going to the $1 million or $2
million range.
The average interest rates are
typically
greater than normal for conforming
mortgages,
and vary depending on property
types and
mortgage amount.
|
FHA/VA Mortgages
Jumbo Mortgages
Affordable Housing Program
Construction/Rehab Loans
Other Loan Options
Loan Calculator
Loan Comparison Chart
| Fixed Rate Mortgages |
With a fixed rate mortgage, you know exactly
what your principal and
interest payment
will be every month. It
won't change because
your interest rate won't
change.
Learn More
|
| Adjustable Rate |
Adjustable Rate Mortgages (ARMs) offer a
lower interest rate to
start, so your monthly
payments are generally
lower. But, the interest
rate is adjusted at times,
based on an "index". Learn More
|
|
