Since the credit crunch that began a couple of years ago, jumbo loans have been harder to find. Many of the lenders who used to specialize in jumbo loan financing are no longer around - and many of the larger lenders have tightened their guidelines - or just stopped lending money for jumbo loans all together. But within the last few months, it seems that there have been a handful of lenders … [Read more...]
Jumbo Loans: Do They Still Exist?
When the credit crisis hit jumbo loans was one of the first markets in mortgage financing to get hit hard. Banks pulled their jumbo loan programs off the market in a hurry and it had a big impact on the demand for homes over $500,000. There is not much of a secondary market for jumbo loans or no one to buy up the securities they are pooled into. That means the initial investor that … [Read more...]
Arizona Jumbo Loans: 3 Common Questions
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...]