What’s considered a Jumbo Loan? It’s any loan amount exceeding the county’s conventional loan limit. In most areas that’s $417,000. Some areas considered “High Cost” like New York and Southern California have higher limits. As high as $625,500. When you exceed this limit on your loan amount you fall under different guidelines that effect down payment requirements and interest rates.
In the Tri County areas of Charleston, Berkeley, and Dorchester Counties we’re seeing a surge in luxury home sales which is fueling the need for Jumbo loans. Capturing this business is important to Coastlend Mortgage so we’ve introduced new loan products that will help us accomplish our goal of providing the most competitive loans in the industry. We’ve priced our Jumbo loans so aggressively the interest rates are lower than they are on standard conventional loans.
Our down payment requirements are a little more relaxed than our competitors on 1 million plus loan amounts. In addition we are closing Jumbo loans just as fast as their conventional counterparts. On average 23 days.
About the author: Eddie O’Neill is a mortgage expert with 10 years experience in loan origination. NMLS # 251457. You can find more information about Eddie O’Neill on this website at www.coastlendmortgage.com/about