Jumbo vs Conventional Loans

JUMBO CONVENTIONAL VS LOANS...*• Conventional, conforming mortgages for single-family home loans are capped at $417,000 in most parts of the United States. Financing a home that costs more, requires a Jumbo Loan. Gn 2013 LUXURY HOME SALES FROM $750K TO $1 MILLION INCREASED 39% from 2012 JUMBO vs CONVENTIONAL DOWN PAYMENTS 20% 5-20% AVERAGE MORTGAGE INTEREST Less than 30 year fixed: 4.23% adjustable rates (February 2014) LOAN LIMITS Super Jumbo Jumbo $1M+ $1M $417K* MINIMUM CREDIT SCORE As low as 700 580 (best terms for 740+) Average Credit Score in the U.S. 689 JUMBO LOANS Year BY $348 billion $200 $220 billion billion 2007 2012 2013 SOURCES NewAmerican Funding.com Best Mortgage Rates on Jumbo Loans FoxNews.com Average US rate on 30-year mortgage falls to 4.23 pct.; 15-year rate eases to 3.33 pct BiggerPockets.com Jumbo Loans Credit.com What is the Average Credit Score? *newamerican FUNDING