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finnsdad, Other/Just Looking in

I have to refinance a 490k loan, Im located in LA County, CA. Is it considered a jumbo loan?

Asked by finnsdad, Fri Jun 12, 2009

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$490k is not a jumbo loan, but some loan officers will look at it as it is a jumbo loan.
Jumbo loan is above $729,000.
Web Reference: http://homesinsale.com
0 votes Thank Flag Link Fri Jun 12, 2009
finnsdad,

There are three main classifications when it comes to loan balances in L.A. County. They are:

1) $417,000 and less: Traditional conforming. Your best rates will be found here.

2) $417,001 to $729,750: "Super-" "hi balance-" hi cost-" or "jumbo-" conforming loans. This tier will still offer flexible approvals and very good rates, though not quite as low as Option 1.

3) $729,751 and above: Traditional jumbo. This is the most distressed segment of the lending economy. Rates will be highest in this group.

Your loan will fall into the second category above and if you need any information or details, just get in touch.

Best regards,

Rob Spinosa
rspinosa@mortgagemasterinc.com
0 votes Thank Flag Link Fri Jun 12, 2009
Nope it's not considered a jumbo. Fortunately your loan is considered a high balance only and can be refinanced at a much better rate than a jumbo.

Any further questions let me know.
0 votes Thank Flag Link Fri Jun 12, 2009
No, in LA county you can now refinance this loan as a jumbo conventional loan. You can do this through Fannie Mae, Freddir Mac or FHA. All 3 would have considerably better interest rates than a non-conforming jumbo loan. If you have any questions about qualifying, you are welcome to contact me.

Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
0 votes Thank Flag Link Fri Jun 12, 2009
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