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Jumbo vs. non-jumbo

Started by goose
almost 17 years ago
Posts: 29
Member since: May 2008
Discussion about
Can someone explain to me how the higher max jumbo loan amount works? It's my understanding that even though the limit is higher, there are fees, etc. that actually don't help my rate get into land of conforming mortgage rates. BTW I'm a Manhattan condo owner with a $680k mortgage. Thanks.
Response by shong
almost 17 years ago
Posts: 616
Member since: Apr 2008

Ok, so there is a the regular conforming up to 417k. And the 2009 agency conforming from 417,001 to 625,500. There is a bit of a rate spread between the 2 programs. So you will get the lowest rate at 417k or under. Then there is your regular jumbo which would be anything above 625,500. In order for you to qualify for a agency conforming loan, you would have to pay down your balance to at least 625,500. sunny_hong@countrywide.com

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Response by MortgageMan787
almost 17 years ago
Posts: 96
Member since: May 2008

There are no fee's but the rates are higher by about .375 - .5 % There are some portfolio lenders that will offer conforming rates depending on your loan scenario (Loan To value, Credit Score etc.).

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