Jumbo Loan by Fannie Mae & Mac
Your IRS rebate check from the economic stimulus legislation won’t be arriving until sometime in May, but the stimulus plan’s new super-sized jumbo loans for buyers in high-cost housing markets have just begun hitting the marketplace.
Depending on the location of the property you want to buy or refinance, you can now get an FHA-insured mortgage for as much as $729,750 with a 3 percent down payment. You can also apply for loans designated for funding by Fannie Mae and Freddie Mac up to that amount - or 125 percent of your area’s median home price - but with larger down payments of at least 10 percent.
The new jumbos are intended to break up a logjam in the capital markets: Starting last August, global investors began bailing out of American mortgage bonds as fears about losses and writedowns spread from the subprime sector into other home loan categories. Jumbo loans traditionally were viewed as slightly higher risk than the “conforming” loans up to $417,000 that were bought and securitized by congressionally chartered Fannie Mae and Freddie Mac.
15 year fixed mortgage30 year fixed mortgageacquiring a loanadjustable mortgageAdjustable Rate Mortgageadjustable ratesannual percentage rateAPRARMBad LoansbankersBanksbasis pointsbest APRbest available ratebest ratebest rate availablebest rate basis pointsbest rates availableborrowerborrowing the moneybridge loanbrokersbusinessbusiness decisionbusiness processbusiness transactionbuyer bewareBuyers Always BewareCaliforniaCalifornia Home LoanCalifornia Home Loan BloggersCalifornia Home Loan RatesCalifornia Mortgagecommissionconstruction loanconsultantCredit CardDebit CardDebit Card Rip OffdefaultDid I get ripped off?equityequity lenderequity line of creditequity loanescrowfederal reservefederal reserve ratefeefinancial institution gurusfinancial institutionsfirst time buyerfixed mortgagefixed ratefixed ratesforeclosureshomehome equity loanhome loanhome loan agentshome loan experiencehome loan gurushome loan lendershome loan mortgagehome loan mortgage ratehome loan rateshome loanshome stagerHome Staginghouseinterest rateinterest ratesinvestment valuejumbo loanlenderlenderslending moneyLIBORLibor interest ratesLIBOR LoanLIBOR Mortgage Loanlibor rateline of creditloanloan applicationloan formsloansLondon InterBank Offered Ratemake a profitmerchant accountmortgagemortgage brokermortgage brokersmortgage holdersmortgage lendersmortgage loanmortgage marketmortgage paymentmortgage pointsmortgage ratesno interest loanno points todayoverpaidpointsprofitpropertyreal estatereal estate agentreal estate agentsreal estate brokerreferral agentrefinancerefinance loanrefinance rateripped offsocial security numberSuprime Customersterms and conditionstransactiontransaction feevariable loan