Jumbo Mortgage Loans

georgia mansionJumbo loans are any loans over $424,100. With jumbo loans you typically have to put down 20% or more. Jumbo loan option include 30 and 15 year fixed or 3, 5, 7 year ARMS. Jumbo loans start over $424,100, but can go up to the multi-million dollar range. As the loan amount goes up, the percentage you have to put down goes up. These loans often require the borrower to have high credit scores and plenty of reserves. The borrower also has to be willing to help us document their income. The stated income options of yesterday are long gone. If you are a business owner, you will now have to provide tax returns to prove income.  One advantage New American Funding has is the option of as little as 5% Down.  Not everyone will qualify for this special program, so call today to find out if you do.

Typically Atlanta GA Jumbo loans have higher rates than conforming loans under $424,100. This is because jumbo loans carry a lot more risk to lenders. Jumbo loans are associated with luxury homes which can take longer to sell and can be prone to large valuation shifts. Jumbo loans and higher-end homes have come under more scrutiny with the lower market values and the associated difficulties with appraising luxury homes. In the current mortgage environment fewer lenders are offering jumbo loans and super jumbo loans. New American Funding is offering both Atlanta GA jumbo and super jumbo loans and has secured some great rates on Jumbo ARM’s.