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U.S: As luxury housing market returns, jumbo mortgage rates drop

Posted on 12 November 2012

After 6 years of scarcity, lenders are returning to the jumbo mortgage arena, giving U.S. homeowners access to lower rates and simpler loan guidelines. A jumbo mortgage is a mortgage for which the loan size exceeds local conforming mortgage loan limits. Jumbo loans are specific to Fannie Mae and Freddie Mac financing. In recent years, however, the term “jumbo” has been used to describe certain “large” FHA and VA home loans as well.
Aside from loan size traits, jumbo mortgage guidelines often mimic “standard” mortgage guidelines from front-to-back including maximum debt-to-income (DTI) requirements, minimum home equity restrictions, and property type caveats………………………………………..Full Article: Source


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Laxman - who has written 28515 posts on Opalesque Real Estate Briefing.


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