What's
a Jumbo Loan? A Jumbo Loan is a mortgage option
for loan amounts over the federally mandated conventional
limit. Currently, the Jumbo loan limit is $417,000. However,
Congress has recently approved changes that may get you
a lower rate on some jumbo loans.
Jumbo loans are much more flexible than most people think.
Here is a how a Jumbo loan can help you afford your home
in that high cost area:
- For a Jumbo Loan you don't always need a down payment
of 20% . Based on your home, the market, and your finances,
you can refinance your jumbo loan with less than 80% equity.
Or, buy a home in a competitive market with as little
as 10% down.
- Did you know that FHA loans are available as a jumbo?
Get up to 97% financing on your home with the new, higher
FHA loan limits!
- Jumbo loans can either be fixed-rate, or have a mortgage
rate that adjusts after a fixed period. An adjustable-rate
mortgage can get you a smaller monthly payment. A fixed-rate
mortgage can give you secure, fixed payments year after
year.
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