Are you a veteran or a member of the U.S. military who needs a very large loan amount for your home? good news! quicken Loans is proud to offer the VA jumbo loan for amounts over $453,100 (or $484,350 under new loan limits that start January 1) – up to $1.5 million.
What is a jumbo loan? Any time a loan amount exceeds the conventional loan limit set by Fannie Mae/Freddie Mac for a county, it is considered a jumbo loan. The current conforming loan limit for single family homes is $417,000 in most states and $625,500 in certain high-cost areas.
Jumbo Loans – Jumbo rates are for loan amounts exceeding $453,100 ($679,650 in AK and HI). APR calculation is based on estimates included in the table above and borrower-paid finance charges of 0.862% of the loan amount, plus origination fees if applicable.
Example: In Cook County, Illinois, the 2018 conforming loan limit for a single-family home is $424,100.So in that county, a mortgage amount higher than $424,100 would be considered a jumbo loan.
A recent spin by a reporter through a couple of mortgage websites turned up a jumbo loan going for 3.625 percent for a $2.5 million loan amount – with 40 percent down. But, Lazerson said, “The jumbo.
American Advisors Group (AAG), the leading reverse mortgage lender in the nation, is pleased to announce it has launched a jumbo reverse mortgage. to borrow up to $3 million in loan proceeds-a.
There are a number of different types of home loans available to you, and it can pay to familiarize yourself with them. Of course, we’ll be happy to help you choose the best type of home loan for your needs, but it only takes a few minutes to review your home loan options and get an idea of what might provide the best value for you.
A jumbo loan, also known as a non-conforming loan, is a residential or commercial mortgage loan that does not conform to the guidelines set by Fannie Mae (the federal national mortgage Association) or Freddie Mac (the Federal Home Loan Mortgage Corporation). Basically, it is a loan that exceeds the limit and guidelines that Fannie Mae or.