Qualifying Basics of a Jumbo Mortgage Loan
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FAQ About Using a Jumbo Mortgage Loan
Most Jumbo mortgage loan limits begin at one dollar above the Conventional conforming loan limit, and begin at $647,200.
In some high cost Counties, you have the option of using a Conventional high balance loan or a Jumbo mortgage loan, whichever is going to best fit your financial profile and resources.
The term "Jumbo" represents a larger than normal loan amount, and in reality this family of loans is traditionally manually underwritten, and considered a Portfolio loan.
It's important to understand the potential diversity of some Jumbo size loans that may require finding a Jumbo loan expert, or a lender that specializes in your specific scenario.
No, mortgage insurance is neither required, or available on a Jumbo sized mortgage loan. Most traditional mortgages will require between 20% and 25% down payment and would not require mortgage insurance.
Jumbo loan amounts above 80% loan to value would be considered a Portfolio loan and the higher loan to value will be accompanied by a higher rate to mitigate the risk.
Yes, interest only options are available by some Jumbo Portfolio lenders on 5,7 or 10 year Adjustable Rate Mortgages (ARM).
The loans are not considered main stream in 2017 after the great real estate crash of 2007. Expect higher rates and fees as well as reserve requirements for this mortgage loan.