Do you want to apply for a Jumbo mortgage? A jumbo mortgage is a loan that is borrowed at a rate higher than that of what is defined as a conventional conforming loan. This translates to a home mortgage that exceeds in value of $417,000. The amount for a few states such as Alaska, Guam, Hawaii and the US Virgin Islands is over $625,000. In several parts of the country such as in Florida, there are many homes which would require a mortgage that exceeds the $417,000 amount and would therefore be considered a jumbo mortgage.

Are you interested in applying for a jumbo mortgage?
Apply with American Mortgage Lenders today.

Some of the different types of jumbo mortgage are:

• Fixed rate jumbo loan
• Interest only jumbo loan
• Hybrid / adjustable rate jumbo loan
• No doc / stated income jumbo loan

When the loan amount exceeds that of Fannie Mae (FHMA) or Freddie Mac (FHLMC) limits, the loan is considered a non-conventional conforming loan. The interest amount associated with a jumbo loan is higher than that of a conventional, conforming loan since the there are higher risks associated with the higher loan limit. When a loan goes above the $650,000 amount, it is considered to be a super jumbo mortgage.Since the price of housing is ever increasing, the amount of borrowers applying for jumbo and super jumbo mortgage is too.

If you are needing to take out a mortgage on a property with a value above $417,000 you will need to take out a jumbo loan in order to receive the financing that you require. Generally the no money down type programs are not available with jumbo loans so, if you are looking for a loan that requires a low amount of money to acquire, and you find that your needed loan amount exceeds that of a conventional conforming loan, you may have to consider whether there are other options available. In order to determine which loan is right for you, contact a professional at All American Mortgage Lenders.

Do you need to apply for a jumbo mortgage?
Apply with American Mortgage Lenders today.