Whats A Jumbo Mortgage

A Jumbo mortgage is any loan amount above the national conforming loan limit, which is $424,100 in 2017 for most areas, but can be more in some high-cost markets.

What is a jumbo mortgage? Any mortgage that is for more than $484,350 – or for higher amounts in certain high-cost areas – is considered a jumbo loan.

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What is a Jumbo Mortgage? When it comes to mortgages, most home owners want flexibility. What many homeowners might not realize is that jumbo loans are more flexible than one might think.

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A loan is considered jumbo if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac – currently $484,350 for a single-family home in all states (except Hawaii and Alaska and a few federally designated high-cost markets, where the limit is $726,525).

In 3.2% of counties, a jumbo loan is a mortgage over $679,650. These counties could be considered areas that are highest-cost housing markets, such as Los Angeles, New York City and San Francisco. In 3.6% of counties, jumbo loans can start somewhere between $454,200 and $672,750.

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A Jumbo mortgage is any loan amount above the national conforming loan limit, which is $424,100 in 2017 for most areas, but can be more in some high-cost markets.

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Jumbo mortgages tend to fall outside conforming loan restrictions. A conventional mortgage is one that’s not connected in any way with the government, such as because it’s guaranteed or insured by.

Jumbo Loan Low Down Payment Actually, the differences between FHA loans and conventional mortgages have narrowed in the past few years. Since 1934, loans guaranteed by the FHAn have been a go-to option for first-time home buyers.

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