Jumbo Mortgage Financing from American Financial Resources
American Financial Resources is your source for excellent jumbo mortgage rates. Our loan consultants are experts in originating jumbo loans, and will work closely with you to ensure the process is smooth and stress free. If you are purchasing a new home we will also work closely with your real estate agent and the seller's agent. We understand that is important for everyone involved in the transaction to be on the same page to ensure its success.
What is a jumbo mortgage loan?
A jumbo loan is one where the loan amount is over the conventional limit. Because such a large amount is being borrowed lenders often charge slightly higher interest rates for these loans. That conventional loan limit varies based on your location, and is higher in areas of the country with higher housing prices.
In 2012 the conventional loan limits for a one unit property are*:
- Contiguous Sates & DC: General - $417,000, High-Cost - $729,750
- Alaska & Hawaii: General - $625,000, High-Cost - $938,250
*Limits can change for multi-family properties and by zip codes.
Your AFR loan consultant can help you determine whether your property is in a high-cost area. Call 800-316-9508. At American Financial Resources we have both fixed rate and adjustable rate jumbo mortgage financing available. Give us a call today to learn what today's low jumbo mortgage rates are, and to get the process started. We can be reached at 800-316-9508, or if you prefer Get Started Online.
Find Additional Information of a Variety of Jumbo Mortgage Programs:
- 30 year jumbo loans
- 15 year jumbo loans
- 10 year jumbo ARM
- 7 year jumbo ARM
- 5 year jumbo ARM
- 3 year jumbo ARM
An Overview of the Non-Conforming Loan Market
Jumbo mortgages are home financing programs that allow the home buyer
to take out an amount that exceeds conventional conforming loan limits.
To understand these limits, see the chart offered on Fannie Mae's website
Because can jumbo loans carry a higher risk, lenders often charge higher
interest rates and require stricter credit qualifications for this type
of financing (i.e. a larger downpayment). Exact score requirements will
vary from lender to lender. Once you've gotten an idea of the conforming
loan limits for your area, you'll have a better idea of whether or not
a jumbo mortgage is necessary for your purchase or refinance. Limits may
vary by zip code, the number of units, and possibly for other reasons.
We recommend speaking to a licensed mortgage professional to make sure
that conventional financing is not possible for your scenario. Borrowers
will also need to show their lender proof of income (and since jumbo mortgages
are quite costly, that income will need to be sufficient to meet the lender's
debt-to-income requirements). Consumers will also need to demonstrate
steadiness in their employment history.
Thank you for considering American Financial Resources for your jumbo mortgage home financing! Click here for additional information on our jumbo refinance loans.