#1
May 14th, 2016, 03:34 PM
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Bank Of America Jumbo Loans
Hello sir, I am Kishore Kumar. I am from Washington. I want you to help me by giving me some information about the jumbo loans offered by Bank of America. Can you give me some details about it?
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#2
May 14th, 2016, 03:35 PM
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Re: Bank Of America Jumbo Loans
As you have asked about the jumbo loans offered by Bank of America, I am giving you information about it, check below for the details A loan is considered jumbo if it exceeds the conforming and conforming high-balance loan limits: The current conforming loan limit for a single-family home is $417,000 for all states—except Hawaii and Alaska, where it is $625,500 In federally designated high-priced markets in the continental United States, conforming high-balance limits range from $417,001 to $625,500 and, in designated markets in Hawaii, from $625,501 to $721,050. To note, conforming high-balance loans typically have higher interest rates, stricter underwriting and larger down payment requirements than standard conforming loans, but are generally priced lower than jumbo loans. Additionally, limits may be different for multi-unit properties. Jumbo loan considerations Jumbo loans are available for primary residences, second or vacation homes and investment properties, and are also available in a variety of terms Jumbo loans are available as fixed-rate or adjustable-rate loans Jumbo loans may have higher interest rates than conforming and conforming high-balance home loans and can have stricter underwriting and larger down payment requirements. |
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