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...]