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Phoenix Minimum Down Payment For Jumbo Loan?
As home prices continue to rise, many home buyers find the home they really want to buy has just been pushed into the “jumbo” price range. Jumbo loans will carry slightly higher interest rates than conforming ones and credit scores need to be a bit higher. Other than that, jumbo mortgages in Phoenix are approved in much the same manner as any other Conventional or FHA mortgage. Today, a jumbo loan is any loan above the current conforming loan limit of $453,100. This conforming loan limit applies to most of Arizona and most of the U.S. but certain high-cost states are a bit higher.
Back in 2008, Congress implemented the Housing and Recovery Act of 2008 as an attempt to stabilize the ailing economy. There were several sections within HERA that addressed various housing and economic issues but one of them, as it relates to mortgages, was forming the Federal Housing Finance Agency, or FHFA. For the first time, a protocol was established that identified how the conforming loan limits would be set and subsequently what is considered a jumbo loan. FHFA guidelines require the agency to view the national median home value at the beginning of each fiscal year, in October and ... more
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