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What decides if my loan is considered Jumbo or not?

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Anonymous
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What decides if my loan is considered Jumbo or not?

Does the sale price or borrowing amount determine if a loan is considered Jumbo?  My sales price is $475K but I am only borrowing $375K.  With a mid score of 718 I was suprised when my broker was suggesting interest of 7%.  Update: Just got a call that a 15 day lock with my mid of 718 would be 6.375.  I think that sounds better.  TO bad it looks like I will need to push closing back a few months if my buyer can't get their mortgage.

Thanks

Message Edited by chrislo on 11-07-2008 11:38 AM
Message 1 of 4
3 REPLIES 3
DallasLoanGuy
Super Contributor

Re: What decides if my loan is considered Jumbo or not?

Loan amount!!

 

I have people put down enough money to get in under the limit all of the time.

 

Retired Lender
Message 2 of 4
ShanetheMortgageMan
Super Contributor

Re: What decides if my loan is considered Jumbo or not?


@Anonymous wrote:

Update: Just got a call that a 15 day lock with my mid of 718 would be 6.375.  I think that sounds better.


That is much better than 7%, work on getting it up to a 720 and you should see a .125% drop in rate.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 3 of 4
BrianB_The_Loan_Professor
Valued Contributor

Re: What decides if my loan is considered Jumbo or not?


@Anonymous wrote:

  Update: Just got a call that a 15 day lock with my mid of 718 would be 6.375.  I think that sounds better.  Message Edited by chrislo on 11-07-2008 11:38 AM


That is about right for pricing as of Friday IF you were not being charged any origination.

If you are paying any points at all that may be a little high....good luck on the buyers mortgage - double close deals are stressful.

 

Brian

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

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