What Does Jumbo Loan Mean?
A mortgage with a loan amount exceeding the conforming loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO), and therefore, not eligible to be purchased, guaranteed or securitized by Fannie Mae or Freddie Mac. OFHEO sets the conforming loan limit size on an annual basis.
Also referred to as "Jumbo Mortgage".
Jumbo loans are often securitized by institutions other than Fannie Mae or Freddie Mac. These securities carry more credit risk than those issued by Fannie Mae or Freddie Mac, and therefore, trade at a yield premium which translates into slightly higher interest rates. However, in recent months the spread in interest rates between jumbo and conventional mortgages has been reduced. Jumbo loans have become far more competitive but found through the private banks that do no sell the loans as there is not a secondary market for these products currently.
At FCB Mortgage Partners, LLC we have alliances with several banks that offer very attractive portfolio products.with as little as 10% down. We are able to finance up to $2million with 20% down at very attractive rates. Through our innovative custom financing and asset based lending programs, we can offer up to 100% financing.
Our services are custom tailored to the goals and objectives of our discerning clientele-and consider both your personal goals together with your financial goals.
The resulting individually tailored programs are designed exclusively for the high net-worth U.S. buyer wishing to acquire real estate for use as a home or for investment purposes. We are able to offer exclusive loan programs, through our network of private banking financing sources.
We provide a seamless transaction, with reduced costs.. We do not sell our loans, instead, we portfolio them on the banks balance sheet. Our minimum loan is $418k with no maximum. We offer equity loans for existing real estate as well as purchase and refinance loans. Additionally, various payment options may be considered to match cash flow, including interest-only and quarterly payments, as well as balloon payments to coincide with a future liquidity event. We are not only limited to financing fully built-out residences, but can also accommodate construction financing for those who choose to build their own home.
