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| First,
some jargon: Each year a new dollar limit is set for “conforming” loans
- that is, loans with standardized qualifying ratios and
underwriting terms. Currently that limit is $417,000. Anything
above this amount is referred to as a jumbo loan, and usually
involves less favorable terms and higher rates.Great effort
is often made to avoid this"jumbo
penalty;" it is assumed that any and all means must be used to keep
a loan below this amount, even if it requires a huge down
payment.
Fortunately, this doesn’t have to be an issue. We can show you options for eliminating the jumbo increase for loans of up to $750,000. Under special circumstances, these can even apply to amounts up to $1,000,000. It’s also possible to avoid jumbo rates by structuring a financing plan involving two mortgages. IMS excels at these strategies. |
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