What are jumbo loans and are they still available? by gerralddavis4500 from New York City, New York. Jan 24th 2011
Yes there are still lenders offering Jumbo loans and guidelines will vary per lender. General rule of thumb now is you would have to have a 15-20% down payment to get a Jumbo loan these days. You should be able to get 30-15 year fixed rates and 3 year arms to 10 year arms. Hope that helps!
Jumbo loans are still readily available and there is a slight difference based on where you are...typically loans over $417K are considered jumbo UNLESS you are in a high cost state such as Ca., Hawaii...Alaska....we have an extra category of conforming jumbo up to $729,750 depending on which county you are in...anything over that amount is a jumbo loan...feel free to contact me for a no obligation loan consultation...
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