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Jumbo Loans

Learn what a Jumbo Loan is today!

WHAT IS A JUMBO LOAN?

A jumbo mortgage is a home loan that exceeds the conforming loan limits that are imposed by both Fannie Mae and Freddie Mac, the government-sponsored organizations that buy mortgages from lenders.

HOW DOES THIS AFFECT JUMBO LOANS VS CONFORMING LOANS?

In around 200 counties with higher home prices, many borrowers are able to get mortgages up to $625,500 without having to pay the higher jumbo loan interest rate.

The highest debt-to-income ratio for jumbo loan borrowers is between 45 to 50 percent, and a large down payment is typically required since the final loan amount can’t exceed your county’s limit. But at USA Financial Consultants, we have lenders who offer down payments as low as 5%.

Jumbo loan borrowers need at least six months’ worth of reserves in the bank after closing costs to equal the monthly mortgage payments for six months. Conforming loan borrowers may only be required to have one or two months’ worth of mortgage payments, by contrast.

CONFORMING LOANS

The 2015 conforming loan limits are set at $417,000 for a single-family home, which is the same as the previously established levels, going back to 2006.

Keeping the mortgage loan limits unchanged enables existing homeowners in the United States to refinance, as well as giving new homebuyers access to government-backed home loans with low mortgage rates.

Effective as of January 1, 2015, loan limits now apply to conventional mortgages across the country, including any purchase loans and refinance transactions. FHA loan limits and VA loan limits may differ in each county.

CONFORMING LOAN LIMITS FOR 2015

Fannie Mae and Freddie Mac have decided to make no changes to the conforming loan limits for 2015. Loan limits have been unchanged since 2006, when maximum loan sizes were raised to $417,000.

The baseline, non-high-cost conforming loan limits for 2015 were:

1-Unit homes: $417,000
2-Unit homes: $533,850
3-Unit homes: $645,300
4-Unit homes: $801,950

High-cost conforming loan limits range from $625,000 for a one-unit home, $800,775 for a two-unit home, $967,950 for a three-unit home, and $1,202,925 for a four-unit home. In the state of Hawaii, the loan limits are even higher.

LOAN LIMITS INCREASE IN 46 COUNTIES

The 2015 conforming mortgage loan limits were unchanged from 2014, but there were 46 counties across the country where local mortgage loan limits were raised.

A complete list of the United States counties which were granted an increase to the 2015 local conforming loan limits, compared with 2014 loan limits, is as follows:

Monterey County, California Loan Limit 2015: $502,550 (2014: $483,000)
Napa County, California Loan Limit 2015: $615,250 (2014: $592,250)
San Diego County, California Loan Limit 2015: $562,350 (2014: $546,250)
Ventura County, California Loan Limit 2015: $603,750 (2014: $598,000)
Adams County, Colorado Loan Limit 2015: $424,350 (2014: $417,000)
Arapahoe County, Colorado Loan Limit 2015: $424,350 (2014: $417,000)
Boulder County, Colorado Loan Limit 2015: $456,550 (2014: $417,000)
Broomfield County, Colorado Loan Limit 2015: $424,350 (2014: $417,000)
Clear Creek County, Colorado Loan Limit 2015: $424,350 (2014: $417,000)
Denver County, Colorado Loan Limit 2015: $424,350 (2014: $417,000)
Douglas County, Colorado Loan Limit  2015: $424,350 (2014: $417,000)
Elbert County, Colorado Loan Limit 2015: $424,350 (2014: $417,000)
Gilpin County, Colorado Loan Limit 2015: $424,350 (2014: $417,000)
Jefferson County, Colorado Loan Limit 2015: $424,350 (2014: $417,000)
Park County, Colorado Loan Limit 2015: $424,350 (2014: $417,000)
Essex County, Massachusetts Loan Limit 2015: $517,500 (2014: $470,350)
Middlesex County, Massachusetts Loan Limit 2015: $517,500 (2014: $470,350)
Norfolk County, Massachusetts Loan Limit 2015: $517,500 (2014: $470,350)
Plymouth County, Massachusetts Loan Limit 2015: $517,500 (2014: $470,350)
Suffolk County, Massachusetts Loan Limit 2015: $517,500 (2014: $470,350)
Anne Arundel County, Maryland Loan Limit 2015: $517,500 (2014: $494,500)
Baltimore city, Maryland Loan Limit 2015: $517,500 (2014: $494,500)
Baltimore County, Maryland Loan Limit 2015: $517,500 (2014: $494,500)
Carroll County, Maryland Loan Limit 2015: $517,500 (2014: $494,500)
Harford County, Maryland Loan Limit 2015: $517,500 (2014: $494,500)
Howard County, Maryland Loan Limit 2015: $517,500 (2014: $494,500)
Queen Anne’s County, Maryland Loan Limit 2015: $517,500 (2014: $494,500)
Rockingham County, New Hampshire Loan Limit 2015: $517,500 (2014: $470,350)
Strafford County, New Hampshire Loan Limit 2015: $517,500 (2014: $470,350)
Cannon County, Tennessee Loan Limit 2015: $425,500 (2014: $417,000)
Cheatham County, Tennessee Loan Limit 2015: $425,500 (2014: $417,000)
Davidson County, Tennessee Loan Limit 2015: $425,500 (2014: $417,000)
Dickson County, Tennessee Loan Limit 2015: $425,500 (2014: $417,000)
Hickman County, Tennessee Loan Limit 2015: $425,500 (2014: $417,000)
Macon County, Tennessee Loan Limit 2015: $425,500 (2014: $417,000)
Maury County, Tennessee Loan Limit 2015: $425,500 (2014: $417,000)
Robertson County, Tennessee Loan Limit 2015: $425,500 (2014: $417,000)
Rutherford County, Tennessee Loan Limit 2015: $425,500 (2014: $417,000)
Smith County, Tennessee Loan Limit 2015: $425,500 (2014: $417,000)
Sumner County, Tennessee Loan Limit 2015: $425,500 (2014: $417,000)
Trousdale County, Tennessee Loan Limit 2015: $425,500 (2014: $417,000)
Williamson County, Tennessee Loan Limit 2015: $425,500 (2014: $417,000)
Wilson County, Tennessee Loan Limit 2015: $425,500 (2014: $417,000)
King County, Washington Loan Limit 2015: $517,500 (2014: $506,000)
Pierce County, Washington Loan Limit 2015: $517,500 (2014: $506,000)
Snohomish County, Washington Loan Limit 2015: $517,500 (2014: $506,000)

All other counties are still bound by the $417,000 loan limit established for 2015 for single-family homes.

To learn more about Jumbo Loans, contact USAFC Realty.

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