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A jumbo loan is any mortgage that exceeds conforming loan limits set by Fannie Mae / Freddie Mac. Therefore, for 2006, any mortgage loan that exceeds $417,000 is considered a jumbo loan.

How do jumbo mortgages compare to other types of home purchase loans?
Because you are borrowing more, jumbo loans are considered a higher-risk. Therefore interest rates associated with these types of mortgages are going to be slightly higher. Most home loans are conforming loans, while jumbo loans make up a much smaller part of the mortgage market.

Why would I apply for a jumbo loan?
As mentioned, the majority of home loan mortgages issued in the United States are less than the conforming loan limits established by Fannie Mae and Freddie Mac. However, in states where the real estate is very expensive, i.e. New York, California, etc., jumbo loans are often necessary when buying a home.

Are there any negatives to applying for a jumbo loan?
Jumbo loans have higher interest rates. Also, if you take a loan out that is greater that is 80% more than the sale price of the home, you will have to pay private mortgage insurance (PMI). If this is the case, we can help you set-up dual financing with a second mortgage that will help you eliminate having to pay PMI.

Why choose Star Loan Services for your jumbo mortgage loan?
Star Loan Services has a wide range of online jumbo loan programs for all credit types. We can help individuals get approved for bad credit jumbo loans even if they have recently experienced bankruptcy.

Let us help you choose a loan that is right for your needs and budget! Simple fill out the free, no obligation online application for an instant jumbo loan mortgage consultation.



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