What Is a Jumbo Loan?

There have been lots of changes in mortgage lending rules and practices since the Great Recession, but there’s one particular quirk that should be of interest to people home-shopping in the Charleston.

A VA Jumbo Loan is a loan that is over $484350. VA has it's county limits but in certain counties of California the VA loan limit can go up to $1000000.

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When a home loan exceeds the caps set by the Federal Housing Finance Agency, it is referred to as a "jumbo" mortgage product, and it cannot be sold to Fannie Mae or Freddie Mac. Jumbo loans are still widely available in the U.S., but the qualification criteria are generally stricter for these products due to the higher level of risk involved.

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Can you get a loan modification on a jumbo mortgage? The answer is yes, but there are some significant differences from getting a mortgage modification on a conventional loan. Some people may think.

A jumbo loan, or a jumbo mortgage, is another name for a "non-conforming" mortgage loan. Consumers who use jumbo loans borrow an amount greater than the conforming mortgage loan limit that is established by the Federal Housing Finance Agency (FHFA), the government authority tasked with making sure there’s enough money in the banking system for Americans to borrow for the purpose of buying houses.

Interest rates did not shoot up this year as the housing industry predicted. In what has been the pattern over the last several years, interest rates started to rise, fizzled, then sank back down.

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Jumbo loan pros and cons. Jumbo loans exist in what’s sometimes called a "fragmented market," a marketplace where there isn’t a single company or agency with enough power to influence the.

What is a Jumbo Loan? First, let’s talk about jumbo loans. As the name suggests, jumbo loans are for very large mortgages. These are only available in certain U.S. counties and they have to be in excess of $484,350. Because they fall outside of conforming loan restrictions, they aren’t backed by Fannie Mae or Freddie Mac.

A jumbo loan is a type of mortgage designed to finance luxury homes or those in highly competitive real estate markets. limits for these loans vary by location but it typically hovers around.

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