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5 Useful Facts About Jumbo Loans

5 USEFUL FACTS ABOUT JUMBO LOANS 1 HOW MUCH IS JUMBO'? $417,000 AVERAGE CONFORMING LOAN LIMIT IN THE U.S. ONLY 3% OF COUNTIES ARE ELIGIBLE FOR THE HIGHEST LIMIT TO REQUIRE A JUMBO HOME LOAN THE 2016 CONFORMING LOAN LIMIT FOR A SINGLE FAMILY HOME IN KING COUNTY IS SEA $540,500 ANY HIGHER LOAN IS CONSIDERED JUMBO 2 SURPRISE! LOWER INTEREST RATES JUMBO RATES $$ ARE OFTEN LOWER THAN CONVENTIONAL RATES 3 POPULARITY APPLIES THE MOST POPULAR JUMBO LOAN IS A 5/1 ADJUSTABLE- RATE MORTGAGE LENDERS WHO OFFER JUMBO LOANS: GMAC CHASEO usbank Bank of America WELLS FARGO ING + MORE 4 ADDITIONAL REQUIREMENTS I NECESSARY DOCUMENTS 30 DAYS PAY STUBS 2 УEARS W2s 2 MONTHS BANK STATEMENTS & RETIREMENT ACCOUNTS 2 УЕARS TAX RETURNS I DOWN PAYMENT: 143% MAX. AT LEAST 20% OF HOME'S VALUE DEBT-TO-INCOME RATIO USING GROSS INCOME RESERVES OF 1700+ 6-12 MONTHS OF THE MONTHLY PAYMENT CREDIT SCORE 5 FEWER REPAYMENT OPTIONS MANY REPAYMENT OPTIONS HAVE BEEN ELIMINATED OR ARE HARDER TO QUALIFY FOR CONVENTIONAL JUMBO %24

5 Useful Facts About Jumbo Loans

shared by dataviznow on Jan 11
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Infographic detailing information about Jumbo Loans including size, interest rate and requirements.

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Economy
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