What is a jumbo mortgage

What Is A Jumbo Loan

Jumbo Loan Limits

Purchase A Home

Refinance A Jumbo Loan

Jumbo Loan Rates

Jumbo Loan Programs

Interest Only Loans

Fixed Rate Jumbo Loans

Adjustable Rate Loans

California Jumbo Loans

New York Jumbo Loans

What is a Jumbo Loan or a Jumbo Mortgage

Quite simply it is a loan that does not conform to the guidelines established by Fannie Mae or Freddie Mac or exceeds the conventional loan limit is called a Jumbo mortgage loan. In most states, home loans that exceed $417,00 to $1,000,000 are considered Jumbo Mortgages. Jumbo Mortgages carry slightly higher interest rates than conventional home loans. This is because when any loan is sold to an investor it is packaged in bundles of several million dollars. For example an investor might purchase a loan bundle that is valued at 3 million dollars. In that bundle, lets say that there are 12 mortgages for $250,000.00 each. If one of those loans defaults, the default ratio would be 1 out of 12.

When a jumbo loan bundle is sold, that 3 million dollar bundle may only contain 4-5 loans. In this case if one of those loans defaults the ratio increase to 1 out of 4. Hence the risk is greater for the investor. The greater the risk, the higher the rate.

Super Jumbo Mortgage
A loan amount over $1 Million is classified as a "super jumbo" loan. Most lenders do not offer residential mortgage financing for Super Jumbo loans, and some lenders only do Super Jumbo loans. As with a jumbo loan, documentation requirements, interest rates, and review processes are generally different and more demanding on super jumbo loans than "conforming" loans, due to the amount of money involved. This type of loan does usually require excellent credit.

Finding the Right Jumbo Lender!
We will helps you to attain the perfect loan for your specific needs by distributing your request to up to 3 different Jumbo Loan Specialists to shop the market for the perfect Jumbo or Super Jumbo Home Loan for you.

Our Lenders are among the nation’s top and most experienced Jumbo Mortgage lenders and are able to offer a variety of Jumbo loan mortgage programs for borrowers interested in both fixed and adjustable rate loan terms.