Jumbo loans, also called non-conforming loans, are mortgages with loan amounts greater than the conforming loan limit. The conforming loan limit is set every January. The current conforming loan limit is $417,000.

Jumbo Loan Limit:

Jumbo loan limits are reviewed annually.

For 2008 the limits are:

• Single family home: $417,000
• In Alaska, Guam, Hawaii, Virgin Islands: $625,000

The Price of a Jumbo Loan:
These monstrous mortgages get you more money, but you have to pay a price.
A jumbo loan's interest rate might be 0.25% or 0.50% higher than the rate on a conforming loan.

With Jumbo Loans, you do have options. Jumbo loans can be 30-year fixed, adjustable rate mortgages, or FHA loans with up to 97% financing and new higher loan limits. Talk with your mortgage banker about your current financial situation, and your goals, and they’ll work with you to find the best choice based on your needs.

With interest rates so low, consumer interest in Jumbo Loans is very high. If you are interested in finding out about securing a high end home without the jumbo mortgage rate, or getting your Jumbo Loan with a low (or no) down payment, talk to a mortgage new port richey loan specialist today!