Jumbo Loans Programs
Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements, down payment, and suitable properties. Fannie Mae and Freddie Mac announces new loan limits every year. The 1999 conforming loan limits for first mortgages are:
| Loan Limits for 1999 | Loan Limits for 1998 | |
| One-family: | $240,000 | $227,150 |
| Two-family: | $307,100 | $290,650 |
| Three-family: | $371,200 | $351,300 |
| Four-family: | $461,350 | $436,600 |
These loan limits are increased by 50% for loans made in Alaska, Hawaiii, Guam and the U.S. Virgin Islands. Properties with five or more units are considered commercial properties and are handled under different rules.
Jumbo Loans
Loans above the maximum loan amount established by Fannie Mae and Freddie Mac are known as 'jumbo' loans. Because jumbo loans are bought and sold on a much smaller scale, they often have a little higher interest rate than conforming, but the spread between the two varies with the economy.
Most loan officers you speak with do not understand your financial situation. They do not know how to properly structure your loan program to give you your maximum benefit. Most do not have access to the best jumbo loan programs and do not know where to find them. You need a Jumbo Loan Specialist. We specialize in Jumbo loans for A and B credit borrowers.
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