Jumbo Mortgage

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Jumbo Mortgage

A mortgage loan so large that it exceeds the limits for securitization by U.S. government mortgage banks. A jumbo mortgage cannot be guaranteed or securitized by Freddie Mac or Fannie Mae. Because of this, jumbo mortgages carry higher credit risk and have historically been traded at a premium to conventional mortgages.

jumbo mortgage

A loan in an amount greater than the size limits for Fannie Mae or Freddie Mac purchase.The loans must remain in the lender's portfolio or be sold to other investors.Because the loans cannot be sold easily,some banks charge a higher interest rate for them.

Jumbo Mortgage

A mortgage larger than the maximum eligible for purchase by the two federal agencies, Fannie Mae and Freddie Mac.

The maximum was $322,700 in 2003. However, some lenders use the term to refer to programs for even larger loans, such as greater than $500,000.

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Our new broker channel will provide opportunities to grow volumes in attractive segments of the market, such as purchase-money and prime jumbo mortgages.
For instance, he has extensive experience in helping clients with construction-to-permanent and renovation financing, as well as a thorough understanding of adjustable-rate products, jumbo mortgages and the unique financing challenges of high-net-worth and entrepreneurial clients.
Jumbo mortgages, on the other hand, increased more slowly because these loans tend to stay on banks' balance sheets and are not funded with MBS.
First Internet Bank also offers consumer loans, conforming mortgages, jumbo mortgages, construction loans, home equity loans and lines of credit, commercial real estate loans, commercial and industrial loans, and asset-based lending.
National and regional banks have begun to price jumbo mortgages with lower interest rates than conforming loans, in part to attract high-income customers, but also for other reasons, according to an executive with a leading housing finance analytical firm.
I'm seeing more banks allowing jumbo mortgages with 20 percent down.
O'Connor Capital Partners announced that Manhattan House has received Fannie Mae approval, and that MetLife Bank and Gibraltar Private Bank and Trust, as preferred lenders, have pre-approved the entire condominium and will now provide conventional and jumbo mortgages to qualified borrowers throughout the building.
Jumbo mortgages are those loans that are too large for government assistance through Fannie Mae, Freddie Mac and the FHA which is available for mortgages that don t exceed $417,000 and $729,750 in more expensive areas of the country.
According to McBride, community banks offer attractive loan rates, especially on so-called jumbo mortgages, which are usually larger than $417,000.
The jumbo market is primarily a private security market, which means if, for example, it's being driven by Wall Street firms that may be packaging up jumbo mortgages into a mortgage-backed security and they stop, then there's no market, which is effectively what happened in the fall of 2007.
Chase offers a full array of mortgage products through its Bellingham office--from first-time homebuyer and affordable loan products to jumbo mortgages and home equity loans.