What is a Jumbo Loan?
A jumbo loan is a loan that is extended for an amount greater than the convention housing loan limit. The standard amount for a normal loan is regulated by loan giants Fannie Mae and Freddie Mac. They are most often sought out for the purchase of luxury homes.
How to Get a Jumbo Loan
Applying for a jumbo loan is surprisingly similar to the traditional mortgage process. However, there is no PMI insurance involved, and because the risk is so much higher in these types of loans, payments are bigger, and underwriters are more scrupulous about checking into a person's financial history.
Jumbo Loans in Today's Market
The market is in a very good place right now. In fact, it is the best it has been in five years. Requests for jumbo loans are on the rise (although not exactly at pre-crash rates), and lenders are eager to work with clients in search of a loan for their luxury home.
Buying a Luxury Home in Southeast Michigan
Lang Premier Properties is home to a leading Oakland County Short Sale Realtor. We specialize in all aspects of real estate including short sales, foreclosures and working with home buyers and sellers in the Troy, Birmingham, Rochester Hills and Bloomfield Hills luxury market. When you hire Lang Premier Properties, whether you are purchasing or selling Metro Detroit Real Estate, you can rest assured that you are in good hands.