When it comes to interest rates for jumbo loans, only one thing is certain – if you shop around, you will find a wide variety of differences in the interest rates and guidelines for each jumbo loan lender.
Many of the larger banks are loaning jumbo mortgage loans to their customers and each of the lenders has their own guidelines of what they will and won’t allow. Some lenders will allow you to borrow money up to $4 million (sometimes called “super jumbo loans”) and some will only go up to $900,000 or so.
But with the FHA jumbo loan limit being $729,000 many people are finding that this a great jumbo loan program that is insured by FHA and doesn’t require a high down payment.
Basic FHA Jumbo Loan Highlights Include:
- Up to $729,000 financed. (based on the county loan limits published by HUD)
- 660 FICO score required.
- 3.5% down payment.
- 30 year fixed rates around 5%
Whether you are in the market for a jumbo loan, a FHA jumbo loan or a “super jumbo loan” only one thing is certain – shop around. Each lender has different loan programs, interest rates and fees and the more that you talk to different loan officers, the better your chances of ending up with the right jumbo loan for your needs.
