Learn how jumbo mortgages work

The Modern American Dream

Learn how jumbo mortgages work and if you may be eligible to apply for one Jumbo mortgages are, in short, just very large home loans. Jumbo mortgages may be offered when the requested loan amount is larger than the limits set annually by the two major institutions in the secondary mortgage market, Fannie Mae and Freddie Mac. Sometimes also called "non-conforming" loans, jumbo mortgage loans may carry a slightly different set of rules and rates than traditional, or "conforming", mortgages. Jumbo mortgage rates, borrowing terms and requirements Many institutions offer jumbo mortgage loans with either fixed or adjustable rates and the same pay-off terms as conforming loans. However, there are some differences to be aware of, including the fact that jumbo mortgage rates may be higher than the rates on "conforming" loans. Jumbo mortgages will generally require a higher down payment, which could be 20 percent or higher, depending on the details of the loan and property. Most lenders will also require that jumbo loan borrowers have a higher credit score with a more conservative debt-to-income ratio. Those who want to refinance jumbo loans will also typically be required to meet these same requirements. Jumbo mortgages across the United States In more than 70 high-cost markets in the continental United States, higher "conforming" loan limits are available. Borrowers in these markets may be able to qualify for a traditional mortgage loan even though their loan amount might be considered a jumbo mortgage loan in other markets. To see if your region falls in one of those higher-cost areas, consult the Federal Housing Finance Agency website. Apply for a jumbo mortgage loan To learn more about how DNA Realty Group can help you buy your dream home or sell your current property, please visit us here: #BUYING --- https://www.dna-realty.com/buy/ #SELLING --- https://www.dna-realty.com/sell/ https://www.dna-realty.com/ #dnarealtygroup #massachusetts #massachusettsrealestate #newhampshire #newhampshirerealestate #realestate #selling #building #buying #investment #househunting #luxury #broker https://www.dna-realty.com/ --- Support this podcast: https://podcasters.spotify.com/pod/show/dnarealtygroup/support