April 28, 2007

Jumbo Mortgage

2 professionals move from rural area with limited income potential to big city with big earnings because child became chronically ill.Sold home and working on damaged credit from kids illness. No loan offers, not even bad ones! No bankruptcy or foreclosure ever. 10% down on jumbo. Why???

Inquiring Mom

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Hi Inquiring Mom,

Your question reads like a riddle.  Unfortunately, Houdini’s Credit Repair the Broken Credit Blog is not.  In other words, there’s not enough to go on here.

A Jumbo mortgage is a loan that exceeds the conforming loan limit. 

The conforming limit for Fannie Mae is currently $417,000 for a single family home, $533,850 for a duplex, $645,300 for a triplex, and $801,950 for a quad.

The folks in Alaska and Hawaii have higher limits of (1) $625,500, (2) $800,775, (3) 967,950, and (4) $1,202,925.

Inquiring Mom, with so many homes on the market, consider entering into a lease/purchase or contract for deed.  After twelve months of demonstrated on-time payments made by personal check, the lender will look favorably on providing a mortgage at the end of the first year.

Thanks for the question and hope this helps.

Paul

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