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Jumbo Home Loans
Conventional mortgages that fall within the loan limits set by Fannie
Mae and Freddie Mac are called conforming
loans. Those loans that are for greater amounts are called Jumbo home
loans or non-conforming loans. With the
rise in housing prices, the demand for Jumbo home loans has grown. Due to the
Fannie Mae and Freddie Mac limits, you may have to make a larger down payment
on your home purchase to qualify for Jumbo loans.
Currently, the conforming loan limits are $369,650 for one family dwellings,
$460,400 for two family dwellings, 556,500 for three family dwellings and 691,600
for four family dwellings. This is a 25 to 50 thousand dollar increase from last
year.
Interest rates for Jumbo loans are slightly higher than conforming loans however,
that differential may be affected by the state of the economy.
GNA Mortgage Group can help you realize your dream of owning a dream home or
a luxury home. Whether you need a conforming loan or a Massachusetts
Jumbo home loan, we can help you find the right product and one that will create
the greatest financial benefit. Smart
mortgage buying is about more than the lowest mortgage rate. A licensed, professional
mortgage broker has the resources to help your next mortgage
purchase an income generating asset. Call us today.
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