Stated Jumbo Home Loans
Qualifying for a Jumbo or Super-Jumbo loan may be a little more difficult than qualifying for a Conforming Loan. Investors will loan up to 100% on 1.5 million dollars going with a Stated Loan program. Stated meaning you stated your income because it is typically impossible to prove it. “Great for being self employed or a commissioned wage earner.” |
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Full Doc Jumbo Home Loans
We can loan up to 3 million dollars using “100% financing”, showing all the income and assets to match the required guidelines.
What makes the difference between being a Conforming Home Loan and a Jumbo Home Loan?
The Loan Amount: Fannie Mae and Freddie Mac *both spelt as females, set the conforming loan amounts. Anything outside of that becomes a Jumbo Loan. $417,000 (conforming loan limit) for first mortgages.
| Loan Limits for: |
2006 |
2005* |
2004 |
| One-family |
$417,000 |
$359,650 |
$333,700 |
| Two-family |
$533,850 |
$460,400 |
$427,150 |
| Three-family |
$645,300 |
$556,500 |
$516,300 |
| Four-family |
$801,950 |
$691,600 |
$641,650 |
| Note: Home Prices on Avg. Increased more than the limits. |
First Trust Deed Loans above the amount established by Fannie Mae and Freddie Mac are known as “jumbo” loans. The different loans have a variance in the interest rates due to that they are sold on a much smaller scale and the spread is between them varies more with the economy. Typically they are about a .25% higher in rate.
Should you need meet the requirements of a Fannie Mae or Freddie Mac loan, you will enter the world of Sub-Prime Loans, also know as “B”, “C” and “D” paper and with a new loan out now called “Alt B”.
On these loans they have options for Adjustable Rate Mortgages (2/28, 2/38, 2/48, etc.), Fixed and other creative loans such has Option Arms and Fixed Option Arms where they are offering you a payment at XXX below the fully indexed rate. We recommend you read our different loan options section to ensure you fully understand your new loan and know the highlights and after ”Math” of each option being presented to you.
Question: If you are purchase a home for $521,250 and you are doing 100% financing, is the first mortgage a conforming or “Jumbo” loan? Answer: It is not a “Jumbo Loan”. Reason being is that you are borrowing exactly $417,000 on the first mortgage, therefore staying within the guidelines for a conforming loan amount. To determine this, take the purchase price and times it by 80%, the amount of the first loan.
We can within reason adjust the loan amount to be conforming. It does not have to be 80% on the first and 20% on the second. Loans can be broken down to a 75% for the first and 25% for the second should it make sense. Being the rate on the 2nd loan is typcially much higher, see the over all blended payment to ensure it makes sense. When we look at your loan needs and help educate you on your options, we take this into consideration amongst many other variables. If we determine it will possibly make more sense to meet your needs, then we will explore it with you in further detail.
We offer a great tool to you to use, it is our knowledge. We encourage you to call and speak with us, so that you can get thoroughly educated with your options and know that the decision you are making is the right one. We do not sell you loans. The saying that when banks or others compete, you win is not always the case. We do not sell your information, therefore you are not getting surcharges hidden in the loan to pay for the high percentages they require you to pay for leads. We give you the best deal guaranteed in writing. View it by clicking here.
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