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Conforming Jumbo (High Balance): Depending on your locality, the conforming jumbo loan is a loan with an amount exceeding the conforming limit ($417,000 for California and $625,000 for Hawaii), but below a maximum limit set by Congress. The current maximum limit for Hawaii and most of the high cost of living areas in California is $729,750. Conforming Jumbo mortgage programs have slightly higher qualifying criteria than that of the regular conforming which require at least 10% down payment and 45% debt to income ratio. The interest rates for this type of loans are typically 1/8 or 1/4 of a percent higher. Fannie Mae and Fredic Mac are the still the main sources for the conforming jumbo loans.
Jumbo Jumbo: Any loan amount higher than the maximum limit (i.e. $729,750) is considered a jumbo. Typically, the sources of funds for these jumbo loans are from private sources such as the deposits in the bank by bank customers. Qualifying criteria for the jumbo loans vary from bank to bank, however they are strictest among the three types of mortgage loans and the interest rates are the highest.
What Savvy Can Do For You: Savvy is an excellent source for either conforming jumbo or jumbo loans. Our jumbo rates are still in their historic lows. Cheap money eventually will go away when the ecconomy rebounces or the debt situation is Europe improves. Because of the large loan amount, in most cases, Savvy will be able to reduce the loan origination fee we normally charge.
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