Jumbo Loans: Everything You Need to Know
AuthorReal Estate Experts. Date:
Jumbo loans are a required, but lesser-known, option for financing homes that are above a certain price point. It’s no secret that the housing market is on the rebound. In some areas, prices are already well above their pre-recession levels. And as more and more people become homeowners again, demand for mortgages is increasing. So if you’re thinking of buying a home in the near future, it’s important to know about the different types of mortgages that are available, including jumbo loans. What Is a Jumbo Loan? Also known as a non-conforming conventional loan, a jumbo loan is a mortgage that has a higher loan amount than what is considered conventional. In most parts of the country, anything above $647,200 (the maximum conforming loan threshold) is considered a jumbo loan. But in some high-priced real estate markets, such as Los Angeles and New York City, the threshold is much higher. … Continued
The post Jumbo Loans: Everything You Need to Know appeared first on FastExpert.
Categories
Recent Posts
