And is that amount different for a FHA loan or is it just a flat amount industry wide. I just don’t get the higher rates for a jumbo, if you have a fantastic steady income and fantastic FICO and can afford the payment without a problem, why the higher rates?
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Can anyone tell me what are the amounts for an ”NON FHA” mortgage to make it a jumbo, and are there any extra fees involved, thanks
T , New Jersey
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The rates are higher b/c the dollar amounts are higher. Higher-end properties also take longer to sell on the foreclosure market than less expensive properties. They also usually sell for a deeper discount percentage-wise, hence the higher rates.
What is considered “jumbo” varies per lender and per program, and the high-limits on FHA loans vary per county.
There is no such thing as a “national” limit.
looks like the conforming “jumbo” limit is $625,500.00
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