Jumbo Mortgage
REM #F780
By Ilyce R. Glink
Summary: A jumbo mortgage is more than $417,000 for a single family home. A buyer buys a $420,000 home but puts down 20 percent and does not need a jumbo mortgage. Jumbo mortgage amounts vary for other types of property.
Q: Would a jumbo mortgage be required on a house that sells for $420,000? What
if I put down 20 percent of the selling price?
A: A jumbo mortgage is a loan over $417,000 for single family homes. That amount differs for different kinds of properties and can be higher if you are buying a 2 to 4 unit building and plan to live in one of the units. If you put down 20 percent, you're putting down $84,000. So the loan you'd need is only $336,000. That falls well within conventional financing guidelines.
NOTE: Ilyce R. Glink's latest ebooks are "Credit Scoring Secrets" and "How to Find a Great Real Estate Agent," which are available at her website, www.thinkglink.com.If you have questions, you can call her radio show toll-free (800-972-8255) any Sunday, from 11a-1p EST. You can also write to Real Estate Matters Syndicate, PO Box 366, Glencoe, IL 60022 or contact her through her website, www.thinkglink.com © 2007 by Ilyce R. Glink. Distributed by Tribune Media Services
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