|
|
... |
What Is Jumbo Mortgage?A jumbo mortgage is a mortgage with a loan amount above conventional loan limits. Jumbo mortgages apply when agency (FNMA and FHLMC) limits don't cover the full loan amount. Fannie Mae (FNMA) and Freddie Mac (FHLMC) are large agencies that purchase the bulk of residential mortgages in the U.S. They set a limit on the maximum dollar value of any mortgage they will purchase from an individual lender. As of 2006, the limit is $417,000, or $625,500 in Alaska, Hawaii and the U.S. Virgin Islands. This leaves a portion of the market to look elsewhere for placement. Other large investors, such as insurance companies and banks, step in to fill the need with maximum mortgage amounts going to the $1 million or $2 million range. The average interest rates are typically greater than normal for conforming mortgages, and vary depending on property types and mortgage amount.
What do you think of this post? Be the first to share your opinions.
Enjoy the latest personal finance news and commentary at PFBlog Network.
|
Similar Posts
What Is A Bridge Loan? (September 27, 2006)
A bridge loan (or swing loan) is a type of short-term loan in the financial industry. Bridge loans are typically taken out for a period of 2 weeks to 3 years in order to finance projects. Bridge loans are often used for commercial real estate ...
A bridge loan (or swing loan) is a type of short-term loan in the financial industry. Bridge loans are typically taken out for a period of 2 weeks to 3 years in order to finance projects. Bridge loans are often used for commercial real estate ...
What Is Hard Money Loan? (September 27, 2006)
A hard money loan is a real estate collateralized loan based on the quick-sale value of the property against which the loan is made. Most lenders fund in the 1st-lien position, meaning that in the event of a default, they are the first creditor to ...
A hard money loan is a real estate collateralized loan based on the quick-sale value of the property against which the loan is made. Most lenders fund in the 1st-lien position, meaning that in the event of a default, they are the first creditor to ...
What Is Jumbo Mortgage? (September 27, 2006)
A jumbo mortgage is a mortgage with a loan amount above conventional loan limits. Jumbo mortgages apply when agency (FNMA and FHLMC) limits don't cover the full loan amount. Fannie Mae (FNMA) and Freddie Mac (FHLMC) are large agencies that purchase the bulk of residential ...
A jumbo mortgage is a mortgage with a loan amount above conventional loan limits. Jumbo mortgages apply when agency (FNMA and FHLMC) limits don't cover the full loan amount. Fannie Mae (FNMA) and Freddie Mac (FHLMC) are large agencies that purchase the bulk of residential ...
What Is Hard Money Loan? (September 27, 2006)
A hard money loan is a real estate collateralized loan based on the quick-sale value of the property against which the loan is made. Most lenders fund in the 1st-lien position, meaning that in the event of a default, they are the first creditor to ...
A hard money loan is a real estate collateralized loan based on the quick-sale value of the property against which the loan is made. Most lenders fund in the 1st-lien position, meaning that in the event of a default, they are the first creditor to ...
05/08/07 |
Bank of America Promotes No-Fee Mortgage
04/28/07 |
Freddie Mac: Housing Worst Isn't Here Yet
04/02/07 |
Review: Credit Demystified
03/04/07 |
An Imperfect Mortgage Calculator
03/04/07 |
Some Nice Loan Calculators
03/03/07 |
Mortgage Defaults Are Climbing For Alt-A Customers
11/24/06 |
Bad Credit? You Can Still Get A Home Equity Loan
11/01/06 |
Getting $250 for NOT Banking with Bank of America
10/27/06 |
Home Prices Keep Sliding
10/20/06 |
How PMI Premiums Are Decided
10/20/06 |
Major Private Mortgage Insurance (PMI) Options
10/15/06 |
Red Flags Of Mortgage Fraud
10/14/06 |
Your Can Deduct Costs Of Refinancing!
10/10/06 |
ARM Holder Beware: The Mortgage Time-Bomb Is Ticking
10/09/06 |
A Brief Introduction To UK Secured Loans
10/09/06 |
40-Year Mortgage!!!
10/09/06 |
How To Get A Mortgage With Bad Credit
10/09/06 |
30-Year Interest Only Fixed Rate Mortgage
10/09/06 |
35-Year Mortgage In California
10/09/06 |
What Is Bi-Weekly Mortgage Payment?
10/09/06 |
How Bi-Weekly Mortgage Payment Actuall Works
10/05/06 |
Mortgage ABC: What Is Private Mortgage Insurance (PMI)
10/05/06 |
How To Get The Best Mortgage Deal
10/05/06 |
Mortgage ABC: What Is Conventional Loans?
10/05/06 |
Things To Look When You Shop For Home Equity Line Of Credit (HELOC)
10/05/06 |
What Is A Home Equity Line Of Credit (HELOC)?
10/05/06 |
Home Equity Line Of Credit (HELOC) vs. Traditional Second Mortgage Loan
10/03/06 |
How To Get A Home Loan After Bankruptcy?
10/02/06 |
A Correction Of Mortgage Rate and Home Price
09/30/06 |
Don't Be Fooled By Multiple Listing Service (MLS)
09/28/06 |
Top Home Buying Tips
09/28/06 |
This Time, Falling Rates May Not Help
09/28/06 |
Home Prices Start To Drop
09/27/06 |
Choosing The Right Mortgage
09/27/06 |
What Is Cashback Mortgage?
09/27/06 |
What Is Balloon Payment Mortgage?
09/27/06 |
Should You Choose Interest-Only Mortgage?
09/27/06 |
What Is A Bridge Loan?
09/27/06 |
What Is Hard Money Loan?
09/27/06 |
Mortgage Fraud Hit Virginia
09/27/06 |
What is Self Cert Mortgage?
09/20/06 |
Housing Starts Is Tumbling
09/19/06 |
Option ARM Holders May Suffer
09/19/06 |
Should I Rent Or Buy?
09/19/06 |
How Low Will Home Prices Go?
09/19/06 |
Watch For Home Appraisal Red Flags
09/15/06 |
What Is A Home Equity Line Of Credit?
09/15/06 |
Home Equity Lines Of Credit vs. Traditional Second Mortgage loans
09/15/06 |
Home Equity Loan Or Home Equity Line Of Credit (HELOC)?
09/15/06 |
Foreclosure Rates On The Rise
09/13/06 |
Bankrate.com Under Scrutiny
09/13/06 |
Why You Should Get Pre-Approved For A Home Loan
09/13/06 |
Renting Is Not Throwing Money Away!
09/13/06 |
Is It Better to Buy or Rent?
09/13/06 |
Why Owning Is Better Than Renting?
09/10/06 |
FICO Expansion Score And How It Will Affect You
09/08/06 |
Should You Refinance Your ARM or Not?
09/08/06 |
5 Ways for Smart HELOC Usage
09/08/06 |
Should You Try Option ARM?
09/08/06 |
30-Year Mortgage Rate Rebounds
09/07/06 |
Common Mortgage Shopping Mistakes
09/05/06 |
5 Ways You Can Pay Off Your Mortgage Faster
09/05/06 |
Should You Pay Off Your Mortgage Early?
09/05/06 |
How to Get Rid of Private Mortgage Insurance?
09/05/06 |
Increase Your Home's Value By (Cheap) Landscaping
09/04/06 |
Six Easy Ways to Cut Mortgage Costs
08/26/06 |
The Advantages of Portfolio Lenders
08/26/06 |
Housing-Affordability Index Drops to Record Low
08/26/06 |
10 Cities Are Bracing For Mortgage Rate Shock
08/26/06 |
The Advantages of Mortgage Brokers
