Residential Jumbo Loan
jumbo loan or mortgage is a mortgage that is not insured by the two
government sponsored agencies Fannie Mae and Freddie Mac. Traditionally, a
jumbo loan or
jumbo mortgage had been any loan in excess of $417,000 but the
limits for Government Sponsored loans have been increased to $729,750 so a
jumbo loan or jumbo mortgage currently is any loan in excess of $729,750.
The average interest rates on
jumbo mortgages are typically higher than for
conforming mortgages because there are fewer buyers for the jumbo loans or
mortgages so banks charge slightly higher rates than they would on loans
that are purchased by Fannie Mae or Freddie Mac.
At Empyrean Funding, we have been specializing in
jumbo loans or
mortgages for over ten plus years. We handle
residential loans from
$200,000 to $20,000,000 and up. Our expertise allows us to cater to our
client’s specific needs by finding the jumbo loan or jumbo mortgage that
meets the specific goals and objectives of each individual client. Since
jumbo loans are our special niche in
residential lending, we have access to
a large stable of institutional Investors that purchase jumbo loans, which
not only gives us access to more products and flexible underwriting but the
best interest rates available in the market.
With the higher loan amounts associated with a
jumbo loan, each loan
requires special expertise in arranging and closing as clients needs can
vary dramatically based on their specific financial circumstances. At
Empyrean Funding, our expertise and integrity makes the loan process simple
and fast. We understand our clients needs and provide the service to
achieve the desired results.
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