Jumbo Home Loan: Take Advantage of the Lowest Jumbo Mortgage Rates

What is a jumbo home loan? Jumbo_Home Loan; Take Advantage of the Lowest Jumbo Mortgage Rates

A Jumbo home loan or “non-conforming home loan” is a type of housing loan where the loan amount is higher than the amount set by

the Federal National Mortgage Association  (FNMA or Fannie Mae) and Federal Home Loan Mortgage Corporation’s  (FHLMC or  Freddie Mac) lending guidelines.  Fannie Mae, and Freddie Mac  are the nation’s two largest government sponsored enterprises who classify the majority of home mortgages.  Each year, Fannie Mae sets the maximum limit on the amount that lenders should give out for a mortgage, based on the Federal Housing Finance Board’s single-family price survey.

Conforming Loan Versus Jumbo Home Loan

When a certain mortgage meets the standards of government-backed agencies; Fannie Mae and Freddie Mac’s underwriting guidelines in terms of credit score, income, assets and requirement, it is considered a conforming mortgage loan.  This means that the loan must not be higher than $625,500 in the high cost areas of the United States such as Alaska, Hawaii, Guam and the U.S. Virgin Islands.   The traditional conforming loan for a single family home in all other areas has a maximum lending limit of $417,000 only.  The minimum jumbo loan limits in Long Beach CA are above $729,750.

Jumbo home loans are mortgage loans that are considered too high to qualify for the government sponsored mortgage insurance programs.   The Federal Housing Administration is responsible for setting the limits on how big a mortgage can be covered by the government in insurance programs and safeguarding the lenders in case a homeowner defaults on mortgage payments.   The lowest jumbo mortgage rates for non-conforming or jumbo home loan are higher than the maximum lending limits set by FHA.   Thus, a jumbo home loan is a mortgage loan on a higher-value property.

Take Advantage of Lowest Jumbo Mortgage Rates and Its Benefits

If you are dreaming of a better home for you and your family, (that is higher than the limit set by Fannie Mae or Freddie Mac), taking advantage of the lowest jumbo mortgage rate for a jumbo home loan is the answer to cover your mortgage financing.   There may be some challenges but if you have a enough resources and qualified to acquire one, you can reap its many benefits.

The lowest jumbo mortgage rate is now available across the United States as Congress recently approved its modification.     There is now a large array of financial institutions that offers more jumbo loans like national lenders, investment firms, credit unions and even smaller banks.  More lenders have been more aggressive in their offerings for lowest jumbo mortgage rate specially for those with a solid income and substantial assets. This record low rate makes jumbo loan limits more flexible and better terms for borrowers.  The down payment requirements have now lowered to as low as 3.5% and loan period have been extended.  As many financial experts report, jumbo loan interest rates and refinance rates have dropped at a record low.

Your investments in jumbo home loans with its lowest jumbo mortgage rate,  provide you opportunities to earn enough income to upgrade your smaller home to a bigger one.  This could be the best time to bring your dream into a reality.   Fill up the short form provided or call us today for your free rate quote!

Showing properties 1 - 2 of 14. See more Park Estates Long Beach CA Neighborhood.
(all data current as of 3/27/2013)

  1. 4 beds, 1 full, 4 part baths
    Home size: 3,378 sq ft
    Lot size: 16,618 sqft
  2. 4 beds, 1 full, 2 part baths
    Home size: 2,155 sq ft
    Lot size: 7,602 sqft

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Date last updated: 3/27/13 5:14 PM PDT

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