What Qualifies As A Jumbo Loan

What Is a Jumbo Loan and Am I Eligible? | ConsumerAffairs – In areas with higher housing prices, like Washington, D.C., and San Francisco, a loan is considered jumbo if it exceeds $726,525, and loan limits can be even greater outside of the continental U.S.Greer informed the borrowers of the many different options available to them for their purchase including an aggressively priced, 10 percent down payment, no mortgage insurance jumbo loan.

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Sometimes banks will even consider a commercial loan of up to 75% LTV again, but the deal will have to be very, very strong. You are more likely to qualify for a commercial loan at higher than 70% loan-to-value if the deal is a purchase money deal (in other words, you’re buying the property).

Still if you plan to refinance this year, you would be well served ask your mortgage company to qualify you on their jumbo programs if they offer any as well as the traditional Fannie Mae Freddie Mac.

A refinance qualifies as a VA cash out refinance if you are refinancing from another loan type (conventional, FHA, Jumbo, etc.) to a VA loan or you are refinancing to actually take cash out of the home. The VA looks at both of these transactions as one in the same. But not to worry, pricing will be the same for both types of VA Cash Out.