Jumbo mortgage in Atlanta, GA
A Jumbo mortgage in Atlanta, GA is considered to be any loan amount above conforming limits of $417,000. The conforming loans are mortgages backed by Fannie Mae and Freddie Mac and most Jumbo mortgages in Atlanta, GA are privately held by the banks.
Up until recently the Jumbo mortgage in Atlanta, GA market was all but nonexistent immediately after the melt down as many banks were forced out of business and many more teetered on implosion. The banks that were still strong and viable made the Jumbo mortgage in Atlanta, GA very difficult to obtain or simply did away with them all together. Their logic was having a one million dollar loan default is a far greater risk than 5 two hundred thousand loans.
Nonetheless, I am happy to report that the Jumbo mortgage in Atlanta, GA is making a strong comeback and they are abundant once again. However, the parameters are still more stringent than the conforming products, but not insurmountable.
If you are looking to purchase a home that requires a Jumbo mortgage in Atlanta, GA, bear in mind that you must have at least 20% down and you debt to income ratio cannot exceed 45% (some lenders will actually cap
it at 41%).
The offset is the rates for Jumbo mortgage in Atlanta, GA now are ridiculously low. Five year ARM products are in the mid 3% range and 30 year fixed are in the low 5% range with loan amounts up to two million dollars. Obviously, this just a taste of the Jumbo mortgage in Atlanta, GA arena and there is considerably more information to be had. So, if you would like more information, please don't hesitate to contact me.
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