Jumbo

“Jumbos” or non-conforming loans are loans that exceed Fannie Mae and Freddie Mac’s maximum mortgage amounts. For 2004, these are the guidelines for conforming mortgages:

First mortgages

• One-family loans: $333,700
• Two-family loans: $427,150
• Three-family loans: $516,300
• Four-family loans: $641,650

Note: One- to four- family mortgages in Alaska , Hawaii , Guam , and the U.S. Virgin Islands are 50 percent higher than the limits for the rest of the country.

Jumbo loans are generally offered with a higher interest rate as well as increased down payment requirements. However, do not despair. There are many techniques to keep your loan under these requirements.

Contact Mortgage Financial today to learn more about Jumbo or non-conforming loans and how we can help you best utilize them.

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