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Taming the Jumbo Mortgage - Financing Solutions for Orlando Real Estate
The Orlando Real Estate Voice is happy to offer a great article on jumbo loans from David Reed - the author of Mortgage 101 and Mortgage Confidential:
Everyone knows the jumbo loan market has been out of whack for nearly 18 months. "jumbo" loans, those amounting to more than $417,000, took it on the chin when mortgage investors stopped buying subprime and alternative loans. For that reason, jumbo rates can be as much as 1.50 percent higher than conforming rates. Historically, jumbo rates were only about a quarter of a percent higher than a conforming rate, but this new spread has kept many out of the housing market: especially those that I call, "just jumbo."
So what exactly is "just jumbo?" It's a loan amount that just exceeds the conforming limit of $417,000 and typically reflects a sales price in the $500,000­­-$600,000 range. Many local markets offer homes in this price category, but the marked difference in rate from conforming to jumbo is slowing down sales. What is the difference in payment between a conforming loan at 6 percent and a jumbo loan at 7.50 percent? On a $500,000 jumbo loan, mortgage payments jump from $2,997 to $3,496 a month. That's ... more

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