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Raleigh Mortgage Blog- Jim Enright

Pay Less and Save More

By Jim Enright | Mortgage Broker
or Lender in Chapel Hill, NC

30 Year Jumbo Mortgage in Raleigh, Cary, Durham, Chapel Hill, NC

May 8, 2013 - Zip Codes 27614, 27518, 27712, 27517,

A Fast Overview of Jumbo Mortgages and Super Jumbo Mortgages-down payment,
credit scores, loan limits, appraisals, and what you can expect.


The loan size is over $417,001.00 and up to $3 million
for most lenders. Super Jumbo Mortgages above
$3 million are available, though you'll have to search
a bit more for those specialty super jumbo lenders.

Jumbo lenders and super jumbo lenders will
have their own set of underwriting requirements and unique
"overlays."
Overlays are the nuances of what jumbo loan
lenders will accept or reject. You can be sure these differ
from jumbo lender to super jumbo lender.

Your credit score and type of property will determine
your down payment and rate on jumbo mortgages.


Minimum Down Payment or Home Equity
Most jumbo lenders and super jumbo lenders require
a minimum of 20% down.

There are a some banks and physician loan programs that
allow for 10% down, or zero down. You will pay for
that in higher fees or interest rate.

Jumbo Mortgage Credit Scores

The lowest allowable score I have seen is a
680 middle score. To clarify, this is the lowest
middle score of all borrowers. A 680 credit score will
require a higher down payment or lower loan to value
if you are refinancing.

A middle credit score of 700 is the beginning point
for many jumbo lenders, though a few have their
lowest allowable credit score beginning at 720.

Those jumbo loan lenders that require the highest
credit score will frequently have the best pricing
and jumbo mortgage rates.

Jumbo Loan Size Limits may have both minimum credit score
requirements and reduced loan to value. That is, they
require a larger down payment.

Up to $650,000.
Up to $1,000,000.
Up to $1,500,000.
Up to $2,000,000.
Up to $3,000,000.

A word about appraisals.

Most jumbo lenders require the use of a third
party appraisal company that your loan officer has
no contact nor influence with. The appraisers could come
from any location.

Larger jumbo and super jumbo loans, ($1000,000.00+)
may require two appraisals, and may also require a desk
review appraisal if there are still questions about the
property valuation.

You should anticipate that jumbo loan lenders underwrite
the appraisal more intensely than the borrower credit file.
By this, I mean comprable sales, distance, recency
of sales, bedrooms, etc.

A word about underwriting the "credit file," which
is YOU
- expect to be asked for additional information,
documentations, and explanations for anything the
underwriter has questions about. At times it may
seem silly, and beyond common sense, so smile if you
can and supply the requested documents as quick as
possible.

Patience is the word in jumbo mortgage loans.

Here a mortgage calculator for jumbo loans. Check the
Purchase tab and you can compare 4 loans at a time:

Questions? Contact Jim Enright here.

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