Jumbo Loan Basics

Jumbo Loan Basics

Jumbo Loan Basics

INTRO

If you are looking to purchase a higher priced home or live in a more expensive part of town a Jumbo Loan might be the loan program for you. This report will educate you on exactly what a Jumbo Loan is.

REPORT

Loans above the conventional loan limit amount established by Fannie Mae and Freddie Mac are known as jumbo loans. There are also other larger jumbo loan programs for properties that are above jumbo loan limits. Those programs being called super jumbo loans and maximum super jumbo loans. Jumbo loans tend to be harder to qualify for so it is important to educate yourself so you don’t end up paying too much for one.

Here are the basics of a jumbo loan:

Higher Loan Limits– Jumbo loan limits are higher, however the limits are different from county to county.  They are never higher then $625,000 as of Oct 1 2011. Super jumbo loans have a limit of $1,500,000. Then maximum super jumbo loans go up to $20,000,000.

Higher Interest Rates– Because of the higher loan amounts, they are more difficult to close which is why the rates tend to be higher.

Not everyone can do jumbo loans but we do. They are more complicated then traditional loan program so that why you need an expert to guide through the process. Contact us today

John Meussner | MLO NMLS 138061

Licensed by The Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. NMLS# 1141
MasonMac Corporate

Mason-McDuffie Mortgage

Office: (949) 247-7530

12647 Alcosta Blvd
Suite 300
San Ramon, CA 94583


Licensing:

Not  a  commitment  to  lend. Rates  and  terms  subject  to  change  without  notice. Licensed by The Department of Financial Protection and Innovation  under  the  California  Residential  Mortgage Act  No. 4130968; AL  #22653; AR  #32700; Colorado regulated by the Division of Real Estate; DE #019623; FL #MLD819; Georgia Residential Mortgage Licensee #20924; ID #MBL-5861; Kansas Licensed Mortgage Company #MC.0025601; KY: #MC701698; MD: #16927; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the NJ Department of Banking and Insurance; NC: L-152867; NV: #3681; OK: #ML012358; Licensed by the Oregon Division of Financial Regulation #ML-3808; PA: #37008; TN: #112513; Licensed by the Virginia State Corporation Commission #MC-5579, WV: #ML-31523/MB31759. NMLS #1141. www.nmlsconsumeraccess.org