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Super Jumbo Mortgage Loans

The term Super Jumbo is used to describe mortgage loans exceeding $650,000 whereas a  Jumbo Mortgage refers to loans which simply surpass Fannie Mae's limits for conforming loans.  Many super jumbo programs exist however not all lenders will loan above $1,000,000.  Some lenders even cap out at $650,000 or severely strict loans over $650,000 to highly populated areas.  For example, if you live in Chicago they may extend a loan program however if you live in Big Fork, Montana they may not offer anything simply due to the area where the home is located.  The most popular super jumbo mortgage program is the interest-only loan since the savings can be substantial compared to fixed rate loans at these amounts.

Related Topics:      2006 Loan Limits      Jumbo Loans


are interest rates higher?

Yes and no.  Super Jumbo loans tend to carry a small increase in rate over conforming loans but it also depends on your relationship with the lender and your overall risk profile.  Many super jumbo loans are part of "portfolio loan packages" where the lender has much more flexibility in the terms of each loan.  A portfolio loan is where your loan (when funded) will go into a portfolio of loans similar to yours which the lender will sell only as a group.  If one client has an extremely good profile and you have a minor issue then the lender can sometimes overlook your little blemish because overall, the portfolio of loans is still at the average quality they aimed for.

what programs are available?

Just because you have a bigger mortgage doesn't mean you have limited options for financing.  Custom programs, such as interest only loans, are widely available in the super jumbo range and can provide tremendous savings for many consumers.

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