Mortgage Loan Request


Get A Mortgage Loan
Complete Our Quick, 45 Second, Secure Online Quote Form for Your Free Custom Quotes

Mortgage Type:

Mortgage Amount:

Receive Up to Four Competing Quotes

Lower Your Rate!
Lower Your Payment!

Pre-qualify Now

Invest in Real Estate

Search for Properties

Find a Realtor

Loan Glossary

Invest in Real Estate

Search for Properties

Find a Realtor

Find a Realtor

Free Home Valuation
Equal Housing Opportunities

Fill Out Our FREE, No Obligation, 45 Second Mortgage Quote Form
Your Loan Is Submitted to Lenders Nationwide That Compete for Your Mortgage

Mortgage Type:
Mortgage Amount:

You Choose the Best Mortgage Offer & Rate That Meets Your Needs
Lower Your Rate and Lower Your Mortgage Payments Today!

Jumbo Loans

Free Mortgage Loan Quotes

Complete Our Secure Form for Free Mortgage Quotes

Mortgage Type:

Mortgage Amount:

Receive Up to Four Competing Mortgage Loan Quotes
100% Free & There Is Never Any Obligation

Refinance . Second Mortgage . New Home Purchase
Home Improvement . Home Equity . Reverse Mortgage

It takes less than 45 seconds

Jumbo home loan programs have increased steadily over the past few years and this is due in part to a higher level of completion between banks and lenders in general. Simply, a Jumbo loan is one that covers any amount that is higher than the current allowable limits set by the GSEs, Freddie Mac, the Federal Home Loan Mortgage Corporation and Fannie Mae, the Federal National Mortgage Association (FNMA/FHLMC respectively ). Because of the perceived risk involved with granting a Jumbo Loan, higher than normal interest rates are frequently applied to them.

Freddie Mac and Fannie Mae are two of the largest corporations in the secondary loan market. They posted this year's limits back on November 30, 2004, and they are effective for loans closed on or after January 1, 2005.

This Year's (2005) Jumbo Loan Limits Are:

  • 1 Family     -     $359,650 (an increase from $333,700)
  • 2 Family     -     $460,400 (an increase from $427,150)
  • 3 Family     -     $556,500 (an increase from $516,300)
  • 4 Family     -     $691,600 (an increase from $641,650)

Note: that the maximum loan amounts for one-to-four family mortgages in the following states are 50% higher:

  • Alaska
  • Hawaii
  • U.S. Virgin Islands

Jumbo Loan When It Relates to a VA Loan

A Jumbo Loan, when it relates to a VA Loan, is as follows (as of December 10, 2004 ).
The Veterans Benefits Act of 2004 now allows for a VA Loan amount to be equal to 25 percent of the Freddie Mac conforming loan limit. This is relative to section 305(a) (2) of the Federal Home Loan Mortgage Corporation Act for a single family residence, as adjusted for the year involved. For this year, 2005, the maximum allowed for veterans now has a ceiling of $89,912, which is 25% of the standard $359,650 conforming loan limit set by Freddie Mac.

A Jumbo Loan Option That Should Be Considered

When applying for a Jumbo Loan borrowers should consider getting an Interest-only (IO) option. Interest-only, on a loan the size of any jumbo, will free up considerable amounts of cash on a monthly basis. This money can be used for other important needs or other worthwhile investments. Please see our article on interest-only mortgage loans to better understand all of the ramifications associated with them.

Print Page  

About Us Contact Us Link To Us Free Tools Affiliate Program Advertise Realtors Lenders
Get A Mortgage Loan   Mortgage type:
Mortgage amount:

Receive Up to Four Mortgage Loan Offers
Copyright © 2004-2016 Mortgage Loan Request. All rights reserved. Site Map, Press, Privacy Policy, Terms of Use