A jumbo mortgage is defined as any loan that exceeds the conforming loan limits set out my Fannie Mae and Freddie Mac. The standard conforming loan limit throughout the nation is $484,350. However, high cost areas such as in California, Hawaii, Alaska, and various counties in each state through the country have higher loan limits up to $726,525.
Jumbo Mortgage Loans in Illinois, Wisconsin, Minnesota and Florida There is a solid reason why the word "jumbo" is used to identify a certain type of mortgage loan. Typically, a jumbo loan is enormous in size when compared to an average home loan.
A jumbo loan is a home loan for more than the conforming limit set by Fannie Mae and Freddie Mac. Interest rates on jumbo loans are comparable to rates on conforming loans.
Licensed Wisconsin Mortgage Banker – Licensed Minnesota Mortgage Banker – florida licensed correspondent lender. illinois Residential Mortgage Licensee – Licensed in Illinois by the Illinois Department of Financial & Professional Regulation, Division of Banking, 122 South Michigan Avenue, Suite 1900, Chicago, IL 60603 Phone 312-793-3000.
Mutual of Omaha Mortgage offers Jumbo Loans for higher priced homes. A loan is considered Jumbo, in most places, if it is greater than $484,350 and $726,525 on a per-county-basis. Mutual of Omaha Mortgage has different Jumbo Loan options to fit your home buying needs.
Jumbo Mortgage Loan is a perfect option for homes above a $417,000 price tag. It requires 25%-30% down payment and a credit score above 700. Jumbo Loans can be used for primary, secondary, vacation homes or investment properties.
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Our home loan programs are hard to beat! Jumbo Loans for Attorneys. Those seeking to buy a more expensive will want to pursue a jumbo loan. We extend loans up to $2,000,000 on home purchases and refinancing. The terms offered on jumbo loans vary depending on credit qualifications, income, and property value.
What Are Jumbo Loans? Share IN THIS ARTICLE: What Is a Jumbo Loan?. In most of the country, that means you’ll use a jumbo mortgage if your loan amount is greater than $417,000. In certain areas that are deemed high cost, the conforming loan limits go above $417,000, and you have to look up.