About this Event
October 15th - LIVE IN PERSON - 11:00AM - 2:00PM
Silverton Mortgage Homeownership & Finance Education Center
175 Country Club Drive, Suite 400A, Stockbridge, GA 30281
Instructor: Terri Madden - National Director of Community Lending
Jumbo Loans & Luxury Homes – The Homebuyer’s Guide
A jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA). So, unlike conventional mortgages, a jumbo loan is not eligible to be purchased, guaranteed or securitized by Fannie Mae or Freddie Mac.
When a loan falls outside the parameters set by the government, the lender has to mitigate financial risk in other ways. Jumbo loans are manually underwritten, and all factors are considered carefully; the qualifications tend to be more stringent.
The maximum loan amount varies by lender. Borrowers can get fixed or adjustable-rate jumbo mortgages with various term options. The mortgages can be used for primary homes, as well as for investment properties and vacation homes.
Jumbo loan approval is based on the same basic formula as any other mortgage. Eligibility depends mainly on income, cash reserves, credit score, debt, employment status, property type and property use.
Let’s review:
- Benefits and lender risk, and other considerations
- How to qualify for a jumbo loan
3 Hour In-Class Course | Continuing Education | My CE Class, LLC #5914
Cathy McDaniel | www.classeswithcathymcdaniel.com
Event Venue & Nearby Stays
Silverton Mortgage Homeownership and Financial Education Center, 175 Country Club Drive, Stockbridge, United States
USD 0.00
