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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Albuquerque Home Loan Options From
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