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Jumbo Mortgage Loans
A jumbo loan is defined as a mortgage with a loan amount exceeding the current Fannie Mae (FNMA / FHLMC)  limits.  The current Fannie Mae limit for a single family residence in most states is $417,000 for the calendar year 2007.  - View current limits
Related Topics:      2007 Loan Limits      Super Jumbo Loans

jumbo loan options

The number of consumers searching for "Jumbo" home loan programs has increased steadily over the past few years from the rising real estate market and low interest rates.  Banks are finally truly competing to have your business.  Many lenders even have portfolio products tailored to custom underwriting guidelines making for a more "common sense" approach to getting approved.  It's a fact that interest only loans are the fastest growing segment of home financing products for jumbo loan consumers due to the higher loan amounts however did you know... Fixed rate mortgages in this range no longer have the wide spread above conforming interest rates that existed years ago.  Many lenders offer fixed rate jumbo loans at no more than a quarter point higher than conforming loans.  It's a wise idea to look at both fixed rate and interest only options for your next home loan.

2007 conforming loan limits

Every year, new loan limits are announced for home loans which may be purchased by the Federal National Mortgage Association (FNMA, or Fannie Mae) and the Federal Home Loan Mortgage Corporation (FHLMC, or Freddie Mac). These corporations are the two largest "secondary market" agencies - corporations that purchase closed loans from mortgage lenders.

  • 1 Family     -     $417,000 (same as 2006)

  • 2 Family     -     $533,850 (same as 2006)

  • 3 Family     -     $643,500 (same as 2006)

  • 4 Family     -     $801,950 (same as 2006)

These new limits are effective for home loans closed on or after January 1, 2007 and are the same as limits set for 2006.  The maximum loan amounts for one-to-four family mortgages in Alaska, Hawaii and the U.S. Virgin Islands are 50% higher.  Conforming loans refer to loan sizes that 'conform' to the maximum loan amounts listed above.