Jumbo & Super Jumbo Loans
Part of the American Economic and Recovery Act of 2009 (the "Stimulus Package"), was to increase the conforming loan limit in certain designated high cost areas to 125% of the median home price, capped out at $729,750.

In reality, the conforming loan limit of $417,000 hasn't changed. The best rates and programs are still reserved for loans under $417,000. The legislation has effectively created a 'middle tier' for loans from $417,001 to as high as $729,750 (depending on the county). Rates and guidelines for this new middle tier are nearly as good as those available for the true conforming loan limit of $417,000, but they do carry a slight premium.

The market for Super Jumbo Loans (those loans over $729,750) is still pretty rough. There are short term ARMs available (3, 5, 7, and 10 year fixed) at attractive rates, but 30 year fixed rates at these higher loan amounts are still a casualty of the frozen credit markets. There are some tricks in structuring loans that are larger than the conforming jumbo limit, so call us to discuss these savvy options.

We deliver the superior service, confidentiality and attention to detail necessary to make your loan process as smooth as possible. Contact us at 423.893.8156 to see how it can work for you.