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Jumbo & Super Jumbo

Borrowers who are looking for a larger loan than the federal recognized "conforming loan limits" may have to seek out special mortgages to accommodate their needs. Mortgage loan amounts above $424,100 will require a product known as a Jumbo loan. Jumbo loans usually cover amounts up to $1 million. Super jumbo loans, on the other hand, typically exceed $1 million. Jumbo loans were not so difficult to obtain before the housing crash in 2008, but barriers were erected in the midst of the Great Recession. Now though, lenders are loosening their pocketbooks and jumbo loans have once again become far more affordable.

Jumbo mortgages differ from traditional mortgage because they generally require a larger down payment and a higher credit score. High-end jumbo loans may require an accounting of individual assets and income in order to prove that you can afford the monthly payments. Jumbo loan borrowers usually need to have at least six months' worth of payments in their bank accounts after they close on the house; that sharply contrasts with conforming conventional borrowers, who may not need any amount of mortgage payments in reserve.

Jumbo loans may not be appropriate for everyone but they do have some outrageous benefits. Rates for such loans are at an all-time low. Further, interest on the loans valued at up to $1 million is tax-deductible, which can provide a big boon for big-time borrowers. Our Loan Officers are able to help you determine whether you qualify for these high-end loans.

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