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Started By
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Questions about jumbo loans.
Posted on 4/7/14 at 9:34 am
Posted on 4/7/14 at 9:34 am
Looking at homes that could require a jumbo loan. Just a few questions.
Is it correct that $417k is the jumbo loan threadhold limit in La?
This means the final amount after down payment or before? For instance the price may be above 417, but the finance amount after down payment is 375.
I have read where rates are not necessarily higher for jumbo loans, is this a fallacy? How much extra should I be expecting on rates?
I have used my credit union in the past for mortgages, is this the best route or should I look to a national bank? I know I have an option through work with greatly reduced closing costs through Chase.
I'm assuming the 20% down is a definite, are there ways around it or just go in knowing that is what it is?
Thanks in advance
Is it correct that $417k is the jumbo loan threadhold limit in La?
This means the final amount after down payment or before? For instance the price may be above 417, but the finance amount after down payment is 375.
I have read where rates are not necessarily higher for jumbo loans, is this a fallacy? How much extra should I be expecting on rates?
I have used my credit union in the past for mortgages, is this the best route or should I look to a national bank? I know I have an option through work with greatly reduced closing costs through Chase.
I'm assuming the 20% down is a definite, are there ways around it or just go in knowing that is what it is?
Thanks in advance
3
Posted on 4/7/14 at 9:51 am to fightin tigers
You can borrow above 80% LTV. But usually requires the use of a second lien.
$417k is the max
Rates are lower for jumbo's than for conforming right now.
Big banks can mess things up a bit. Chase is the worst of them all... you W-2 or self employed?
$417k is the max
Rates are lower for jumbo's than for conforming right now.
Big banks can mess things up a bit. Chase is the worst of them all... you W-2 or self employed?
Posted on 4/7/14 at 9:53 am to cjared036
$417K is the maximum loan amount. IE, $600K house, $200K downpayment, $400K loan is not considered Jumbo.
Posted on 4/7/14 at 10:21 am to fightin tigers
417k is the most you can borrow Conforming, purchase price is irrelevant. Right now jumbo $ is very competitive to conforming $. Haven't seen cheaper, but I have seen same from lenders as 30 year conforming.
I know a lender who'll do 90% on jumbo! or 100% if your a doctor in some situations. All underwriters have different products. Shop around.
I know a lender who'll do 90% on jumbo! or 100% if your a doctor in some situations. All underwriters have different products. Shop around.
Posted on 4/7/14 at 10:24 am to ItNeverRains
quote:
I know a lender who'll do 90% on jumbo! or 100% if your a doctor in some situations. All underwriters have different products. Shop around.
BBVA Compass has a professional loan program if available in those parts
This post was edited on 4/7/14 at 10:25 am
Posted on 4/7/14 at 10:32 am to fightin tigers
I just made a down payment that took me below jumbo.
Posted on 4/7/14 at 10:34 am to cjared036
quote:
Big banks can mess things up a bit. Chase is the worst of them all... you W-2 or self employed?
Good info to know, think I have a couple options.
W-2, the wife and I.
ETA:
Is there a different percentage of income cap for the monthly payment?
This post was edited on 4/7/14 at 10:44 am
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