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Click to preview image Jumbo Loan
June
2015

Jumbo Loan

Published in Conventional Loans
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  •  A choice between fixed or adjustable rates
  •  Typically for mortgage loan amounts greater than $417,000
  •  For loan amounts higher than the Fannie Mae and Freddie Mac conforming limits
 

Summary

Jumbo mortgages are home loans that are bigger than normal. They exceed the “conforming limit” — the maximum loan amount that Fannie Mae and Freddie Mac will buy.

The conforming limit varies by location. In most housing markets, it’s $417,000, and any mortgage more than that is a jumbo. In the most expensive housing markets, such as Los Angeles, any home loan of more than $729,750 is a jumbo.

 

  • Available with a fixed or adjustable rate
  • Typically a down payment of at least 20 percent for a purchase (or have at least 20 percent equity in a refinance) is required.
  • A Excell Financial Mortgage expert can help you select the right loan and terms for your situation. Call a loan officer at (973) 964-0010.
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Axcell Financial Mortgage Corp. DOES NOT issue loan commitments or fund any loans, We are brokers licensed by the N.J. department of Banking and Insurance and we arrange loans with third party providers.

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