Mesa AZ Jumbo Mortgage Loans

Mesa Arizona Jumbo Mortgage Loans

Across Maricopa county – and in Mesa, Arizona – any loan that is over $417,000 (also known as the “conforming loan limit”) is considered a jumbo mortgage loan.

Just a few years ago, there used to be thousands of lenders who could help you with jumbo loan financing, but now the list of lenders who are still doing jumbo mortgages is quite short.

We are happy to be one of the lenders who can still help you get jumbo loan financing in Mesa, Arizona.

In order to get approved for a jumbo loan in Mesa, you are going to need to document your income, assets and have an excellent credit score. There currently isn’t a product available where you can “state” your assets or income – stated income loans don’t currently exist.

When applying for a jumbo loan in Mesa, remember that many of the lenders who lend money for jumbo loans will have a high limit that they will lend money up to – and each lender generally has a different high limit. Here in Mesa, we work with lenders who will lend up to $2 million for a Mesa jumbo loan and others may go to $3 or even $4 million.

Be sure not to “expect” anything when it comes to high limits until you speak with a jumbo mortgage loan expert.

Mesa Jumbo Mortgage Loan Interest Rates

Jumbo mortgages are bought and sold by private investors and are not bought by Fannie Mae or Freddie Mac. Because Fannie/Freddie don’t buy these mortgages, the interest rate for them is determined by the open market and thus they often carry a higher “market” interest rate than a conforming or FHA loan.

For jumbo loans in Mesa, it is common to see some of the smaller local banks originate a jumbo mortgage and keep it in their own portfolio – which means they will collect your monthly payment as well as help you get the loan in the first place.

As a general rule of thumb, you can expect any Mesa jumbo loan to have an interest rate that is between 1/4% – 1% higher than those loans on conforming-under-$417,000 loan amounts.

So if you live in Mesa and are looking for a jumbo mortgage loan, be sure to contact the Mesa AZ mortgage experts now!