Tag - jumbo loans

10% Down Payment on Jumbo Loan

Is a 90% loan to value jumbo loan right for you? If you are in the market for a home that is above $700,000 purchase price, a traditional loan might not be the best option. In this case, a jumbo loan is really what you want. Jumbo loans don't fall into the same categories or rules that most Fannie Mae and Freddie Mac loans require. They are a monster all on their own. These loans at a larger loan amount than conventional loans (Loans under $424000), have requirements and qualifications which are also higher. Usually, only those with higher credit scores and strong finances [...]

Loan Limits Increasing Starting January 1, 2017

Great news for home buyers in the new year! The Government Sponsored Enterprise or GSE, which is also commonly referred to as Fannie Mae and Freddie Mac, publicly traded companies helping banks and lenders by purchasing conforming loans, have announced an increase to the low limit starting in 2017. In the second quarter of 2016, the Federal Housing Finance Agencies price index was similar to the level of the index in 2007. Once the housing price index or HPI, reaches precrisis levels, the GSE can raise conforming loan limits. There are both standard loan limits and balance loan limits; the standard [...]

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