Jumbo Mortgage Loans
Jumbo mortgages are loans that exceed the agency conforming maximum of $417,000.00. Jumbo mortgages are also sometimes known as “non-conforming” mortgages for this reason. The conforming maximum loan amount is subject to change from year to year, but has held steady at this level since 2005.
Because they are non-conforming, they do not feed into the Fannie Mae/Freddie Mac system. As such the secondary market for these loans is much smaller, and the pricing and interest rates associated can be quite different than their conforming cousins. The guidelines that govern these loans are also different, and can change drastically depending upon which bank is backing them. You will find that Jumbo loans have sliding pricing scales based on Loan size, credit score, as well as equity position. The smallest down payment that I know of that would work for a Jumbo loan is 10% down. However, most jumbo loans will require at least 20% down with a significant pricing improvement at 25% down.
At my company Mortgage Trust, Inc we have the ability to underwrite, document, and fund Jumbo Mortgages and Non-Conforming Mortgages right here in Portland. We control the entire process from end to end while also having pricing flexibility of sending the funded loan to a variety of mortgage services. This gives you the service advantage of a direct bank lender, with the pricing advantage of a broker.
Please fill out the online loan application to find out how a Jumbo mortgage in Portland, OR could work for you.
