jumbo loans

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  • #7504
    refinancetoolbox
    Participant

    what are jumbo loans??

    #7524
    TTrumble
    Member

    As defined by bankrate.com, “In most (but not all) U.S. counties, any mortgage of more than $417,000 is a jumbo loan — and jumbo mortgages have higher interest rates than smaller loans. In counties with high home prices, borrowers are able to get mortgages for more than $417,000 without paying the higher jumbo interest rates.”

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #7570
    refinancetoolbox
    Participant

    ow, so they do not need to pay interest on jumbo loans,, right??

    #7572
    TTrumble
    Member

    Actually, jumbo loans generally tend to have higher interest rates than smaller loans, except in some areas where housing prices are abnormally high.

    #7594
    refinancetoolbox
    Participant

    okey..I have studied that California is the one where banks are helping people to assist them with jumbo loans as California is very expensive and people there want best of the best.
    I want to know how much % the downpayment may be for jumbo loan borrowers?

    #7624
    TTrumble
    Member

    You will have to ask the individual lender regarding down payment amounts. The NACA program does not deal in jumbo loans and is a no down payment program.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #7652
    refinancetoolbox
    Participant

    okie,, I am very thankful to you for such a clear discussion.

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