Houses comes in different shapes, sizes and price tags and a mortgage loan is out there for every type. Extremely qualified borrowers can obtain super jumbo loans to purchase. The next level,
the distinction between jumbo and super jumbo is also based upon the amount of the loan. Lenders internally determine where they set classifications. In many parts of the country $1,000,000 is the demarcation line, but in wealthy areas the floor for super jumbo might be closer to $1,500,000 or $2,000,000. Jumbo Rates vs Conforming Mortgage.
· The lender sets its own internal guidelines for approving a super-jumbo. This then translates into requiring a greater down payment and higher credit scores. What sort of down payment is common with a super-jumbo mortgage? Regular Jumbo mortgages are limited to 95% in California for qualified buyers. With a super-jumbo loan, the minimum down.
Super jumbo loans are loans above this threshold, but different lenders in different parts of the country use different dollar denominations to refer to super jumbo. In the midwest & across most of the continental United States where homes are cheap the amount used to refer to "super jumbo" is typically $1,000,000 to $1,500,000.
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Best Jumbo mortgage rates: compare current 30 Year Super. – Today’s Best Jumbo home loan rates. jumbo mortgages are loans which back home purchases where the amount financed exceeds the conforming mortgage loan limit.. but in wealthy areas the floor for super jumbo might be closer to $1,500,000 or $2,000,000.
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Mortgages that fall outside conforming limits are considered jumbo loans. A jumbo mortgage is a loan that is above. Through December 31, 2010, the jumbo or super conforming loan limits are on.