Jumbo loans

I deliver jumbo loans through ten wholesale lenders.  I work in conjuction with your trusted advisors, such as your realtor, insurance agent, financial advisor and accountant to assure all aspects of this important transaction are handled in a proper, timely manner.

A jumbo loan also known as a non-conforming loan, is a residential or commercial mortgage loan that does not conform to the guidelines set by Fannie Mae (the Federal National Mortgage Association) or Freddie Mac (the Federal Home Loan Mortgage Corporation). Basically, a Jumbo loan exceeds the limit and guidelines that Fannie Mae or Freddie Mac require for loans they are willing to purchase from mortgage originators.

The new conforming loan limits are set every January, and the amounts for a jumbo loan are determined based on those limits. Effective January 1st, 2006, the conforming loan limits are as follows: for houses in the contiguous United States, the maximum loan limit for a single family residence is $417,000. For a two unit property, the maximum loan amount is $533,850. A three unit property loan limit is $645,300 and a four unit loan limit is $801,950.

The designation of super-jumbo loan has been applied to loans over $1,000,000. Borrowers wanting a mortgage in excess of a million dollars will have to provide significant downpayment and a strong credit background.

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  440-666-6069     toddlipps1@yahoo.com

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