Jumbo Mortgages: What Are They? A "jumbo" mortgage is any mortgage that has a principal amount over the "conforming" loan limit. In Maricopa County, the conforming loan limit is $417,000 - and it changes from time to time (either up or down). A conforming mortgage is one that the government sponsored enterprises (GSE's) of Fannie Mae and Freddie Mac are authorized to purchase. Why Are Jumbo … [Read more...]
Arizona Jumbo Mortgage Loans: Ballpark Estimates
Recently more than one person has called me asking about whether or not they could get a "jumbo mortgage loan" - meaning a loan that was over the Arizona conforming loan limit of $417,000. Since the answer is "yes, assuming that you have good credit, assets and income" I thought that other people may be interested to know what kinds of ballpark numbers we see for Arizona jumbo mortgage loan … [Read more...]
Arizona Jumbo Mortgage Financing: Signs of Life
I wouldn’t exactly say the Jumbo mortgage market is hopping right now. If you currently have a jumbo loan and want to refinance and get cash out – it is going to be somewhat close to impossible to get done. Especially if you live in a “declining market”. And keep in mind that it is the lenders definition of “declining market” so if you call me up and tell me there are bidding wars going on in … [Read more...]