If you are like most people, you are wondering what a Jumbo Loan is, why you hear about it and if it applies to you. Here’s the definition:
Jumbo Loans are any loans with a balance over $546,250 in most Counties.
So, what’s all the talk about Jumbo loans?
Jumbo loans are almost the outcast of mortgage loans and were treated unfairly in terms of recent lending guidelines, but things have changed that you should know about. In the past, you could not get a loan for more than 80% of the homes value whether a purchase or refinance. This was not within means for most people who had a smaller down payment or not enough value in their appraisal. HOWEVER, we now can avoid mortgage insurance with the new Jumbo Laws.
Here’s your Jumbo Map:
Loan Amount Over $546,250 to 2 million
*75% Loan on the First Mortgage and 15% second mortgage
Loan Amount Over $546,250 to $750,000
*80% Loan on the First Mortgage and 8.99% second mortgage
*90% ONE Loan Up to $750k no mortgage insurance
NONE OF THESE OPTIONS REQUIRE MORTGAGE INSURANCE AND ARE AT COMPETITIVE RATES. I CAN BEAT ALL MAJOR BANKS IN PRICING AND DO NOT CHARGE ANY ORIGINATION POINTS.
If this Jumbo Map fits you or your future plans call me, I always answer my phone and emails and will give you honest upfront answers so you can make the best decision for your family.