Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Savannah Jumbo Home Financing
 
With the median home value in Savannah approximately $143,000 and a median household income of $37,000, homes are very affordable in this south Georgia. Yet despite this relatively low median home value, the luxury home market remains robust.  There are many homes listed for sale that fall into the jumbo category in pockets in and around Savannah. For reference,  Chatham County FHA mortgage limits are currently set at $275,665.  The current conventional loan limit for Savannah is $424,100.  Any loan amount greater than this is considered a jumbo mortgage and these programs have different qualifying guidelines buyers should know.
One of the requirements for jumbo loans is typically a higher down payment. Current conforming loans ask for at least a 5% down payment while most jumbo mortgage programs ask for a down payment of at least 20% - depending on the bank or lender.  Let’s look at a home listed in Savannah for $1 million. With a down payment of 20%, that means a minimum down payment of $200,000. 
However, unlike government-backed and conventional loans underwritten to Fannie Mae and Freddie Mac guidelines, jumbo loan programs requirements have relaxed a bit in recent years.  While many jumbo lenders do ask for at least 20% down, there are other ... more

__________________________________________________
Are you on The Rain? Grow Your Network!