Jumbo home loans
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Jumbo Home Loans | Nova Home Loans - PowerPoint PPT Presentation

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Nova Home Loans shares the details of jumbo home loans including what they are, the advantages and disadvantages and the difference between conforming loans and jumbo loans. For more jumbo home loan information and for other home loan programs and information, check out http://www.novahomeloans.com/loan-info/our-loan-programs/usda/.

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Jumbo home loans

Jumbo Home Loans

What Loan Program Is Best For Me?

Jumbo home loans1

If a conventional loan falls within Fannie Mae's and Freddie Mac's loan limits, it is referred to as a Conforming Loan.

If the loan amount exceeds the maximum permissible loan amount of these two agencies, it is called a JUMBO, or Non-Conforming Loan.

Jumbo Home Loans

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Conventional lenders typically insist that the borrower put down more than 20% on a JUMBO loan.

Interest rates on JUMBO loans generally run between 3/8% to 1/2% higher than Conforming Loans.

Jumbo Home Loans

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The difference in the interest rate between Conforming and JUMBO loans is higher when mortgage money is not plentiful.

The difference typically decreases with the abundance of mortgage money.

Jumbo Home Loans