Jumbo Loan Rates

What is a jumbo loan?

Jumbo loan rates are generally higher than the interest rates on conforming loans. The amounts allowed vary depending on which state you are in and which county you are in. A few examples are shown below.

• Loan amounts exceeding $417,000 in continental U.S.
• Loan amounts exceeding $625,500 in AK and HI
• Jumbo loan amounts are higher for 2-4 unit properties

Jumbo loan limits are loan amounts that do not meet the Fannie Mae and Freddie Mac guidelines for loan amounts, and they are generally higher than conforming interest rates. The guidelines from the lenders will also be tighter, often requiring a high credit score, income documentation and a low loan-to-value. Jumbo loan rates are available for both fixed and Adjustable Rate Mortgage.

Super Jumbo Mortgage Rates

• Exceed $850,000
• Generally require extensive documentation
• Liquid assets are important

Super jumbo loans are loans that are exceptionally difficult to obtain. The loan amounts are generally considered any loan over $850,000. These loans are not generally funded by traditional lenders. A super jumbo loan often requires a tremendous amount of documentation and a large amount of assets.

Ultra Jumbo Mortgage Rates

• Exceed $1,500,000
• Require extensive documentation
• Liquid Assets Required

Ultra jumbo loans are the largest loan amounts offered by lenders. These loans exceed $1,500,000 and can go as high as the lender is willing to lend. When obtaining an ultra jumbo mortgage a borrower can expect to provide income and asset documentation and will generally need a low loan-to-value to qualify for a mortgage or purchase.

FreeHomeRefi.com works with lenders that specialize in these loans. They can often be difficult to obtain and you will need to work with a company that is experienced in dealing with these upscale programs. FreeHomeRefi.com is committed to finding you a lender that will help you understand the process and exceed your expectations. The next time you ask yourself what is a jumbo loan just remember that we are here to help answer all of your questions.