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Super Jumbo Mortgages are mortgage loans of $650,000 or more. While conventional banks and mainsteam, conforming lenders traditionally underserve borrowers of super jumbo mortgages, a few mortgage companies specialize in arranging super jumbo financing up to multi million dollar loan amounts. Conforming mortgages are loan amounts with $417,000 and under; Jumbo and Super Jumbo, on the other hand, have a tad higher interest rate. These rates are determined by borrowers FICO scores, fair market value of the home, and the borrowers net worth.
Lenders specializing in super jumbo loans particularly like to see liquid assets in reserve after closing. It is much easier to qualify for lower super jumbo mortgage rates with a minimum of 6 months mortgage payments in reserves. Consult your mortgage professional about what asset reserve requirements you must meet to get optimal financing terms. Super Jumbo Mortgages are provided by niche lenders and a few of the Top lenders in the country. Borrowers should consult a Mortgage Broker to find the best Super Jumbo Mortgage program available to them. Some Super Jumbo Loans originally thought to be unwriteable can be obtained by cross-colaterlization. In fact many more lenders will be open to doing more of this business if the borrower(s) are willing to do this. Interest rates on Super Jumbo Mortgages are relatively higher than a regular conventional mortgage. Super Jumbo mortgages are considered non-conforming mortgage loans Super Jumbo Mortgages entail a higher risk. Most lenders require two appraisals to be completed.
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