Los Angeles County Jumbo Loans
What is a Jumbo Home Loan?
Loans with larger limits than those set by Fannie Mae and Freddie Mac are called jumbo loans. Because jumbo loans are not funded by government sponsored entities, they usually carry higher interest rates and some additional underwriting requirements.
Bankers Group Jumbo Loan Programs
We can do refinance or purchase loans up to $20,000,000. The combined loan to value can be as high as 90% of the appraised value.
We have no seasoning requirements on your ownership of the property if you are refinancing. In other words, if you bought the property yesterday, as long as it appraises, we can get you up to 90% of that appraised value with cash back.
So why is a home loan in the mid $400’s considered a jumbo loan? Each year, a new “conforming loan limit” is published by Fannie Mae and Freddie Mac. The conforming loan limit, or “jumbo loan amount” is determined every January. The 2006 jumbo loan limit for single-family homes and condominiums is $417,000.
The conforming loan limit is the maximum loan size eligible for purchase by either Fannie Mae or Freddie Mac. These organizations purchase the underlying securities from mortgage originators. The funds are reinvested into new mortgages, and so the flow-of-funds cycle continues.
For more information Call Dorothy Reik at: 818-226-6100.