Sunday, May 22, 2011

What is a JUMBO mortgage loan? Can I qualify for one? When would I need a JUMBO home loan?

When would I need a JUMBO home loan?
What is a JUMBO mortgage loan?
Can I qualify for one?

Cheryl MillerEld, would you please explain this.

               A B S O L U T E L Y ! ! !

An $850,000 mini-mansion in Idaho exceeds the
geographic maximum loanable funding that a con-
ventional loan can be written for/approved for.

However, to save the day, we developed a
home loan breed of its own for these sizable
loan requests.    I believe that this shifts the
loan program over to non-conforming programs.

I will leave it for you to research as to whether
JUMBO home loans can be financed by the
government backed loan programs or not.  I
believe not.- but now-a-days...who knows?

2 comments:

  1. Jumbo financing is a niche that is so reality in cities like Seattle, NewYork City, Miami, San Diego, Anchorage, DC, where the cost of living is emensely higher than your hourly wage earner States. I mean where it takes half a million dollars of money to buy a real stick built home property,,,at a minimum. Real money. That half million will get you into older homes of the fifties or sixties in Seattle,,, some refer as being "getto."

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