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Agency Jumbo Mortgage Loans

The US Government via the Economic Stimulus Act of 2008 in an effort to aid mortgage lenders in servicing more borrowers living in the high-cost areas are now authorized to offer Jumbo Agency Mortgages.

The Jumbo Agency Loan and/or Jumbo Agency Mortgage requirements have been expanded to a maximum loan of $729,750. The maximum loan amount is defined by Zip Codes. All of the programs available are Fully Documented and have a maximum Debt –to-Income of 45%. The Economic Stimulus Jumbo Loan and or Jumbo Mortgage is scheduled to continue until December 31, 2008. 15- and 30-year fixed-rate mortgages

30 Year and 15 Year Fully Amortizing

5/1 LIBOR adjustable-rate mortgage options, including an interest-only option

7/1 and 10/1 LIBOR adjustable-rate mortgage options, including an interest-only option (scheduled to be available July 1, 2008)

Interest-only option on 30-year fixed-rate mortgages (available August 1, 2008)

Purchase and limited cash-out with a maximum LTV of 90%. Cash-out refinances to a maximum LTV of 75%

Benefits to Borrower

Interest Rates similar to or competitive with Conforming Loans to $417,000

Wide range of jumbo-conforming options

Established Jumbo Mortgage Rate environment

Stable mortgage rates in many High Cost real estate markets

Low down payment requirements (up to 90% LTV)

Stabilize the higher cost mortgage market

Conventional or Conforming loans are called this because the loan amount 'conform' to the maximum loan amounts which may be purchased in the secondary market. The buyer of these loans is the Federal National Mortgage Association (FNMA, or Fannie Mae) and the Federal Home Loan Mortgage Corp. (FHLMC, or Freddie Mac).

The old rule of thumb that you need to lower your Interest Rate by 2%, is more or less obsolete. For some people as little as a 1/2% drop in thier loan rate would be sufficient. This is a question with no definative answer. It is all relative. Foer some individuals a month savings of $100 is significant others need the savings to be higher. You must ask yourself if the monthly savings is significant to you.

Why should you consider an Interest Only Mortgage Loan? The short answer is the amount of money it will lower your monthly payment. Basically, it is intended to increase your monthly cash flow. Typically, an Interest Only Loan will have a payment about 26.5% less than a fully amortizing mortgage of the same interest rate. Since most Interest Only loans are based upon A.R.M.'s the rates are usually well below a comparable 30 Year Fixed Mortgages further reducing the monthly payment. Some Interest Only mortgages recalculate you monthly payment based upon your outstanding balance. This allows you to have additional principal payments effect your monthly payment immediately. Ask yourself, if only the interest portion of a mortgage payment (principal and interest) is tax deductible why do I want to pay down the principle portion of my mortgage? Amortizing a mortgage will gradually diminish my tax deduction. Could I better invest the principle portion of my mortgage payment? At what rate is my property appreciating? How long will I really live in this home?

Jumbo Mortgage Lending in High-Cost Areas

Agency Jumbo Mortgage Loans