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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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What is a jumbo mortgage?
TIA!
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Posted 12/21/06 1:09 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: What is a jumbo mortgage?
A 30-year jumbo mortgage is a home loan that exceeds the limits set by Fannie Mae and Freddie Mac (the 2005 limit is $359,650; $539,475 in Alaska, Hawaii and the U.S. Virgin Islands).
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| Posted 12/21/06 1:19 PM |
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ODonnell
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Member since 9/05 5983 total posts
Name:
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Re: What is a jumbo mortgage?
The limit is now for anything over $417,000.
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| Posted 12/21/06 1:57 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: What is a jumbo mortgage?
Posted by ODonnell
The limit is now for anything over $417,000.
that is correct!
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| Posted 12/21/06 2:09 PM |
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TheLorax
LOVE
Member since 2/06 5581 total posts
Name:
Suzanne / SuzBride
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Re: What is a jumbo mortgage?
Posted by Meaghan729
Posted by ODonnell
The limit is now for anything over $417,000.
that is correct!
my mortgage broker said that for some banks they consider it over 500K (might be a LI thing due to higher costs)
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| Posted 12/21/06 3:08 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: What is a jumbo mortgage?
Posted by TheLorax
Posted by Meaghan729
Posted by ODonnell
The limit is now for anything over $417,000.
that is correct!
my mortgage broker said that for some banks they consider it over 500K (might be a LI thing due to higher costs)
uh, ive never heard that - the limits are set by Fannie Mae - who sets the regulations (and usually buys the mortgages from the banks and sells them in the market - thats why banks like to follow their guidelines)
but if a broker wants to go outside the box, they can.
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| Posted 12/21/06 3:20 PM |
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MikesWife
Wanting...........
Member since 1/06 6887 total posts
Name:
Karen
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Re: What is a jumbo mortgage?
Posted by ODonnell
The limit is now for anything over $417,000.
That makes it almost every house on Long Island! 
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| Posted 12/21/06 4:19 PM |
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jenny
L O V E
Member since 4/06 2784 total posts
Name:
Mommy
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Re: What is a jumbo mortgage?
I bought my house in on LI in 2003 and my $370,000 mortgage was considered a jumbo. I believe you also pay a slighty higher rate with a jumbo vs. a "standard" mortgage.
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| Posted 12/21/06 9:37 PM |
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Tine73
Member since 3/06 22093 total posts
Name:
*********
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Re: What is a jumbo mortgage?
A jumbo mortgage is a mortgage with a loan amount above the industry standard definition of conventional conforming loan limits. This standard is set by the two largest secondary market lenders, Fannie Mae and Freddie Mac. The loan amounts reflect average loan sizes nationwide. Jumbo mortgages apply when agency (FNMA and FHLMC) limits don't cover the full loan amount. Fannie Mae (FNMA) and Freddie Mac (FHLMC) are large agencies that purchase the bulk of residential mortgages in the U.S. They set a limit on the maximum dollar value of any mortgage they will purchase from an individual lender. As of 2006, the limit is $417,000, or $625,500 in Alaska, Hawaii, Guam, and the U.S. Virgin Islands. This leaves a portion of the market to look elsewhere for placement. Other large investors, such as insurance companies and banks, step in to fill the need with maximum mortgage amounts going to the $1 million or $2 million range. The average interest rates are typically greater than normal for conforming mortgages, and vary depending on property types and mortgage amount.
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| Posted 12/21/06 9:59 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: What is a jumbo mortgage?
$417 is the limit. It's a standard number, not based on the area you live in.
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| Posted 12/22/06 12:36 PM |
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