Jumbo loans remain much harder to get than before the credit crunch and recession. Borrowers typically must have a credit score of at least 700, and unless they can produce a sizable down payment, they must be able to prove a high income and sizable bank accounts. They also must be owner occupants.
Maximum loan amounts funded by Fannie Mae, Freddie Mac and FHA are set by Congress. These are “conforming” loans. In Wake County, North Carolina, the amount is $295,000 for a single family home. Loan amounts greater than that are jumbos.
There is increasing evidence that jumbos are becoming more available. Stated-income loans are out there for those with 40% down. And interest rates are now only about 1% more than with conforming loans.
When you are ready to purchase a new home, talk to the Realtor who knows — www.JustCallPowers.com
[Sourse: http://rismedia.com/2010-03-13/jumbo-mortgage-market-beginning-to-thaw/]
