Jumbo mortgages are loans for amounts that exceed the conventional conforming loan limits as set by Fannie Mae and Freddie Mac. The current conforming loan limit in most states, including CT, is $417,000 with one exception. Fairfield county represents some of the most desirable real estate locations for potential buyers. The median home value in Fairfield County is $381,000 although many of the home sale prices are much higher. The median price of homes currently listed in Fairfield County is $539,000 and homes sold is $437,765. This makes jumbo loans a sought after product in this area. It is also for this reason that the Fannie Mae - Freddie Mac conforming loan limits in Fairfield County are the highest in the state at $601,450. The FHA loan limit in Fairfield County is 708,750.
Although requirements will vary by lender, in general the following restrictions will apply to most jumbo purchases:
-Interest rates will be somewhat higher than non-jumbo loans.
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-Buyers are often required to bring a larger down payment to the transaction.
-The mimiim credit score required to qualify for a jumbo loan is likely to be 680.
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Jumbo loan rates are extremely low in today’s market, currently averaging at historic lows and there is no PMI on jumbo mortgages as long as they are under 80% LTV. In addition to conforming loan products, we are able to loan up to 3MM in Fairfield County. This Jumbo loan product requires 2 appraisals and the loan terms can either be ARMs or Fixed rates at very competitive national rates. If you are looking to purchase a home valued at $417,00 or higher, call me to discuss how I can help you secure the best financing.
Stephanie Smith
NMLS# 1083107/Company NMLS# 117273
860-335-9918
stephanie@northeast-mortgage.com