OK....So You're thinking that your chances of getting a jumbo loan or refinancing your jumbo loan have the worst odds? The market sucks, home values have dropped and the no income loans of days of yore are like a dinosaur from a different time era that no one wants to remember.
So You're Saying I have a Chance....YES!!!
THERE ARE OPTIONS FOR THOSE WHO NEED JUMBO OR SUPER JUMBO MORTGAGES
Jumbo loan sizes generally start at 1 dollar above a loan amount of $417,000. So, a loan amount of $417,001 or greater would generally qualify the borrower for a jumbo loan. Most loans of $417,000 or below are subsidized by Fannie Mae and/or Freddie Mac. Those above fall into the Jumbo Category (which means that those loans are backed by private investors or held by the bank as a portfolio'd loan). What does that mean to you? It means that the rates are higher than conforming loans, or loans $417,000 and below.
Jumbo loans skyrockted in rates and qualification criteria.....Over the last two years however, these loans have seen rates drop and guidelines expand.
I have closed so many jumbo loans in the last two months. They are rebounding. Investors are getting back in the market!!!! Yeah! There are some general criteria that you need to be aware of.
Specifically, you'll note that borrowers purchasing homes are going to have to put at least 10% into the property. Generally, Jumbo investors really want to see somewhere between 6 and 12 month's liquid reserves. Ratios are more conservative than that of conforming loans.
THE BOTTOM LINE IS THAT THERE ARE A LOT OF REFINANCE OPTIONS
THERE ARE A LOT OF PURCHASE OPTIONS
You have a better chance on getting a jumbo mortgage than Jim Carrey did getting a girlfriend
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