What is a Jumbo Mortgage Loan?
A jumbo loan is a loan that exceeds conventional or conforming loan limits. In most places the conventional loan limits are $417,000. In some places, where cost of living is higher, the jumbo loan limits are higher.
This begs the question, what is a conventional loan? A conventional loan is a loan that Fannie Mae and Freddie Mac are willing to guarantee. Fannie and Freddie will guarantee loans up to the conforming loan limit of $417,000 (in most areas).
Jumbo Mortgage Loan Rates
Historically, jumbo loan mortgage rates have been higher than conventional loan mortgage rates. Recently, the gap between conforming and jumbo loan rates has decreased. Jumbo loans have become more affordable. There could be a number of reasons why jumbo loan rates have not risen with conventional loan mortgage rates, but one thing is certain; it is a great time to take advantage jumbo mortgage financing.
Perks of Jumbo Loans
While jumbo loans typically require a higher down payment, have higher credit score and reserves requirements than conforming mortgage loans, the perks of the jumbo loan are numerous. Jumbo loans have no private mortgage insurance requirements and savvy borrowers are sure to recognize the tax benefits gained by deducting interest payments (on loans up to 1 million dollars)*.
Apply for a Jumbo Mortgage Loan
Find a licensed Inlanta Mortgage loan officer in your area using our branch locator and securely submit your application online – or simply call for more information. There isn’t a moment to lose if mortgage rates rise as anticipated by the majority of the mortgage industry.
*Consult your tax advisor for more information on mortgage interest deductions.
Our Mission Statement
Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.
About Inlanta Mortgage
Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.
Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.
Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS #1016. Inlanta Mortgage is proud to be named to the Scotsman Guide Top Mortgage Lenders 2012 list and to be among the Top 100 Mortgage Banking Companies in America in 2012. Inlanta Mortgage was also recently recognized as a USDA Platinum Million Dollar mortgage lender by the USDA Rural Development Guaranteed Rural Housing Program.