Jumbo Mortgages

Jumbo Mortgages

Academy Mortgage Corporation




Jumbo Mortgages

What is a Jumbo Mortgage?

A Jumbo Mortgage is any single loan amount over the conforming loan limit set by Fannie Mae and Freddie Mac, which is currently $417,000 for a one-unit property in most of the United States. Conforming limits may be higher in areas of the country with more expensive housing; for example, the conforming limit is $625,500 in Alaska and Hawaii. Jumbo Mortgages are non-conforming loans, so they are not backed by Fannie Mae and Freddie Mac. Jumbo Mortgages usually have higher interest rates because they carry greater risk.

Academy Mortgage specializes in financing Jumbo Mortgages up to $3 million on a primary or second home1. Academy offers competitive pricing on fixed-rate and adjustable-rate Jumbo mortgages at historically low rates.

What are the benefits of a Jumbo Mortgage?

Jumbo Mortgages offer the following features:

  • Allow purchase of a more expensive home with a minimum 20% down payment.

  • No private mortgage insurance is required with a 20% down payment.

  • Interest on loans up to $1 million is tax-deductible (consult a tax professional for more information).

  • Flexibility to take advantage of refinance opportunities.

  • Closing costs are about the same as conforming fixed-rate mortgage programs.

  • Academy offers a Preferred Payment Plan on select Jumbo Mortgages that could reduce your interest rate by .250.

Who may benefit from a Jumbo Mortgage?

Jumbo Mortgages are primarily designed for buyers who are able to afford a luxury home and higher monthly payments, yet may not have the savings to make a huge down payment.

For more information

Contact your Loan Officer today to see if a Jumbo Mortgage is the right solution for you. We take pride in delivering value and savings to homebuyers across the United States. It would be a pleasure to help.

1 $3 million is only eligible in certain areas and is subject to property type, loan-to-value, and credit score. Rates, program terms, and conditions are subject to change without notice. Additional conditions, qualifications, and restrictions may apply...


Colleen Murray-Thompson Headshot
Author:
Phone: 561-436-4029
Dated: September 13th 2016
Views: 137
About Colleen: ...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Your Home Value - Curious about your home's value?
Training - Having gone through Exit Realty
JUST REDUCED MAKE An OFFER - http://hometakesvideos.com/
Feb 20 2018 43219 1 Nations First Solar Powered Town - In Southwest Florida, taking a

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Exit Realty Premier Elite
8961 Hypoluxo Road
Lake Worth, FL
561-701-8124


Other Locations