Conventional Jumbo Loans
The FHFA (Federal Housing Finance Agency) has announced that the maximum conforming loan limit for 2022 is $647,200. But what if the home of your dreams is higher priced? Jumbo Loans options are designed to help property buyers buy a property that exceeds that maximum loan limit.
How Much Can I Afford with Traditional Jumbo Loans?
The $647, 200 loan limit applies to those loans that may be acquired without the necessity of a down payment. It is still possible to purchase a property whose price exceeds that limit, using a Conventioanl Jumbo loan, if the buyer is willing to make a down payment. The amount of the down payment is a percentage of the difference between the $647,200 and the cost of the property the buyer wishes to purchase. Typically, that percentage is 5%. Purchasing a property that exceeds the limit by $100,000, for example, would require a $5,000 down payment.
Providing a Second Jumbo Mortgage Option
There is now an alternative to conventional jumbo loans. For 2022, the loan limit ceiling has been raised to $647,200. If a borrower wants to exceed the max conventional loan amount here at Signature Lending Services we are offer a 1st and a 2nd mortgage. This will come as a relief to many property buyers who are looking to purchase high-value homes . There are several advantages to taking out a second mortgage, such as covering part of the down payment on the first mortgage.
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