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Jumbo Mortgage Loan
What is a Jumbo Mortgage Loan and how can I qualify for the lowest Jumbo Mortgage Rates?
Jumbo mortgage loans are those with a mortgage loan amount over the industry standard conforming loan limits. Set by the Office of Federal Housing Enterprise Oversight (OFHEO), the conforming loan limit is defined by the maximum loan amount available for purchase by Fannie Mae and Freddie Mac.
The current conforming limits are listed in the chart below. Being above the conforming loan limits, jumbo mortgage loans are often subjected to premiums on current interest rates and other restrictions because they are considered high-risk loans due to the size of the mortgage loan.
| Units | General | *High-Cost | General | *High-Cost |
|---|---|---|---|---|
| Continental US | District of Columbia, Puerto Rico, Alaska, Guam, Hawaii, U.S. Virgin Islands | |||
| 1 | $417,000 | $729,750 | $729,750 | $1,094,625 |
| 2 | $533,850 | $934,200 | $934,200 | $1,401,300 |
| 3 | $645,300 | $1,129,250 | $1,129,250 | $1,693,875 |
| 4 | $801,950 | $1,403,400 | $1,403,400 | $2,105,100 |
* High-cost loan limits may be lower for specific areas.
Adjustable-rate mortgages (ARMs) versus Jumbo mortgages
Because jumbo mortgage loans are subject to special conditions over and above conforming loan limits, it's important to consider all available options. The higher loan amounts associated with jumbo mortgage loans normally mean that no-money-down programs are generally not available. Additionally, because of the increased loan amount, it is recommended to at least investigate the viability of adjustable-rate mortgages (ARMs) versus fixed-rate mortgages for jumbo mortgage loans
Finding the lowest Jumbo Mortgage Rates
Finding the right mortgage loan is just as important as finding the right home. With so much at stake, it's important to get expert advice from a company that you can trust. Total Mortgage has a team of dedicated mortgage experts that manage jumbo mortgage loans. We are committed to finding the right jumbo mortgage loan, at the lowest possible jumbo mortgage rate, while keeping you informed every step of the way. If you'd like to talk to one of our jumbo mortgage loan experts, call 877-868-2503.
If you have any question that you would like to get answered by our expert mortgage brokers, please email us or call us at 1-877-868-2503.
Our visitors also found the following article relevent to this topic:
» Jumbo Mortgage Programs: Options and getting the right advice
Mortgage Products:
- 30 Year Fixed Mortgage Loan
- 30 Year Fixed Conventional
- 30 Year Fixed FHA
- 20 Year Fixed Conventional
- 15 Year Fixed Conventional
- 15 Year Fixed Jumbo
- 7/1 ARM Conventional
- 7/1 ARM Jumbo
- 5/1 ARM
- 5/1 ARM Jumbo
Call 1-877-868-2503 for any other mortgage rates.
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Blog also offers news and updates on fixed rate mortgages, adjustable rate mortgage, FHA Home Loans, FHA Refinance, and Jumbo Mortgage rates across the country.
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