Jumbo Home Mortgage Loans
The Home Loan Magician boasts of low rate jumbo home mortgage loans for borrowers considering refinance and purchase transactions. As the housing sector goes through an evolution, non-conforming loan amounts may begin to see additional restrictions and interest rate add-ons to compensate for the increased risk factor that the lender incur when loan amounts begin to exceed $1,000,000.
Unfortunately in states like California, Florida, Virginia, Connecticut, Hawaii New Jersey and New York jumbo home loans have become standard because of the massive real estate appreciation over the last five years.
Jumbo Home Mortgages offer many benefits:
- Financing for home loans up to 4,000,000
- Fixed and Hybrid ARM Loans
- 5-1 ARM's offer rates starting at Lower Rates
- Borrowers can close a jumbo and a 2nd mortgage together
- 30-Year Fixed Jumbo Home Mortgage Rates
- Refinance Jumbo Loans and Consolidate 1st and 2nd Mortgages Together
Jumbo Mortgage Limits at Fannie Mae and Freddie Make Remain the Same
The limit for single-family mortgages purchased by Fannie Mae and Freddie Mac will remain at $417,000 next year for most of the U.S., the Office of Federal Housing Enterprise Oversight said.
The limit remains unchanged in 2013. It sets the maximum size of a first mortgage the government-sponsored mortgage agencies Fannie Mae and Freddie Mac can buy or guarantee. These mortgage loans, known as "conforming" mortgages, generally carry interest rates one-quarter to one-half a percentage point less than larger jumbo home loans.
For home mortgage loans on two-family properties, the loan limit will continue to be $533,850, according to a Freddie Mac news release. The limit will stay at $645,300 for mortgages on three-family properties and $801,950 for mortgages on four-family properties. Properties in Alaska, Hawaii, Guam and the U.S. Virgin Islands are eligible for higher limits.
The maximum conventional loan limit is based on the annual change in the average house price, as determined by the Federal Housing Finance Board's Monthly Interest Rate Survey. From October 2011 to October 2012, a decline of $501, or 0.16%, was reported in the average price -- the first decline reported since 1992-1993. In October 2006, the average price was $306,258.
Prior to the decrease in prices seen in this year's survey, the average increase was 8.8% over the past five years, according to Ofheo. A few years back, the conventional home loan limit increased 15.9% over the year before. The limit increased 7.8% over the prior year. Recently, Ofheo announced it would keep the limit unchanged even if there was a decrease in October-to-October house prices, opting to defer a decline in the limit for a year.