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The term Super Jumbo Mortgage is used to describe mortgage loans exceeding $650,000 whereas a Jumbo Mortgage refers to loans which simply surpass Fannie Maes limits for conforming loans. Direct lenders that finance Jumbo and Super Jumbo residential loans over 1 million will lend at higher interest rates than the conventional loans out on the market. The tend to rely heavily on the property value and the ability for the borrower to document his/her income, and also cash reserves.
Please call 888-713-0202 and speak with [name] to find out more about super jumbo loans. Super jumbo loans may require a bigger down payment and a higher interest rate to offset the risk of the lender. A super jumbo mortgage loan is also a non-conforming loan because it does not conform to the loan limits set by Fannie Mae (The Federal National Mortgage Association or FNMA) or Freddie Mac (The Federal Home Loan Mortgage Corp. or FHMLC). Super Jumbo loans are usually used to buy luxury homes.
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