A jumbo mortgage is any mortgage that exceeds the conforming loan limit of $424,100 for a single-family home in most areas of the United States. In certain high-priced areas, the loan limit is $636,150. For instance, in Los Angeles, the limit is $636,150, and in Honolulu, the limit is $721,050.
Super Jumbo Mortgage. A Super Jumbo Mortgage is classified as a residential mortgage greater than $650,000, although lenders differ on just what constitutes a super jumbo mortgage subject to their criteria. jumbo mortgage requirements. Qualifying for a jumbo mortgage is not unlike qualifying for a non-jumbo mortgage.
Jumbo loans are as easy to obtain as regular, conforming mortgage loans, if you have a good credit history and have sufficient income and down payment. Also, a jumbo mortgage can help consumers to buy a more expensive dream home faster. This is a significant advantage for people who have larger incomes that they want to put into a home.
What I see: Locally, well-qualified borrowers can get the following fixed-rate mortgages without points and closing costs.
Home prices are rising, which means a lender would require you to get a so-called jumbo mortgage. But don’t fret: jumbo mortgage rates are lower these days and lenders are easing the stricter.
How Much Is A Jumbo Mortgage Jumbo Mortgage Minimum Down Payment One example of a major lender loosening up a little: Wells Fargo has relaxed its minimum-down-payment requirement on so-called “jumbo” mortgages above. columnist on real estate for The Washington.