A jumbo, or non-conforming, loan provides financing for loan amounts higher than the maximum conforming limits set by Fannie Mae and Freddie Mac. It may be a good choice if you have a higher property value and can manage larger monthly mortgage payments. Jumbo loans are available for purchase and refinance loans (including cash-out refinances).
Features
- A "non-conforming" loan with mortgage amounts above the maximum conforming limits.
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Available in a variety of fixed-rate and adjustable-rate loan options.
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You may be able to add extra features such as temporary buydowns.
Benefits
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You can obtain financing for loan amounts up to $2 million.
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Provides the convenience of one loan for the entire loan amount and the choice of a variety of loan options.
Considerations
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Interest rates are usually higher on jumbo mortgage loans than on conforming loans with lower loan amounts.
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- 5/5 ARM - Interest rate and payment can change after 5 years and every 60 months thereafter.
- Maximum increase in rate at first change is 2%
- Loan Amounts from $300,000 to $729,750
- Up to 3% Seller Help
- No Minimum Cash Reserves
- Single Family, PUD, Condo and 2-4 Units
- Max 10 Acres
- Purchase and Rate/Term Refinance
Talk to a local mortgage expert today at (919) 539-9800 or by email at dabarnes@mortgages.mybrb.com