Austin Jumbo Loan

In-House Jumbo Mortgage to $3 Million

Roll out the red carpet for Jumbo clients and avoid the “big bank” maze. PrimeLending is offering this amazing Jumbo loan opportunity to luxury homebuyers. This is a PrimeLending product.

Call Max Leaman now (512) 293-1239 or email MaxL@PrimeLending.com to get today’s LOW jumbo rate.

In-House PrimeLending Jumbo Loan Offering:

• In-house delegated underwriting up to the maximum loan amount of $3.0 million.

 

• Appraisals reviewed upfront to avoid value issues later in the loan process.

 

• Maximum loan amount is $3.0 million for purchase, refinance, and cash out refinance transactions.

 

• Maximum LTV is 75% with no declining market reduction and eligible 5% increase to LTVs for certain zip codes.

 

• Minimum FICO score is 700 to 720, depending on LTV and loan amount.

 

• Both primary and second homes are available for this program.

 

• 30-day closings available.

 

Maximum loan amounts and LTV are subject to change. Call Max Leaman now (512) 293-1239 or email MaxL@PrimeLending.com to get today’s LOW jumbo rate.

As of January 2011, the limit for conventional conforming loans is $417,000 for most of the United States. Jumbo loans can be 30-year fixed, adjustable-rate mortgages, and FHA loans with up to 97% financing and new higher loan limits.

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More About Austin Jumbo Loans

An Austin jumbo loan is different than a conventional home loan (also called a conforming loan). An Austin jumbo loan is a mortgage loan that is in excess of Fannie Mae guidelines. Fannie Mae’s limit can change each year, but due to the decline in home prices nationwide, the Austin jumbo loan limit is unlikely to rise annually as it has done since 1999. The current conforming loan limit is $417,000, making any Austin mortgage with an amount above $417,000 an Austin jumbo loan. In addition, the Austin jumbo loan interest rate is usually higher than a conforming loan because it is considered to have more risk to Austin mortgage lenders.

An Austin jumbo loan is a non-conforming loan. The majority of Austin mortgage loans by lenders are conforming loans. Austin Jumbo loans are a small percentage of Austin mortgages that are completed each year. Although most mortgage loans that are done in the USA are conforming, there are high-cost areas that demand jumbo loans such as California, Florida, New York, and other high cost states.

So, where is the best place to get an Austin jumbo loan? PrimeLending Austin Branch Manager, Max Leaman, has exclusive offerings on Austin jumbo loan. Call today (512) 293-1239 or email MaxL@PrimeLending.com.