Mesa AZ Jumbo Mortgage Loans

Mesa Arizona Jumbo Mortgage Loans

A loan which does not meet guidelines, specifically because the loan amount exceeds the Government Sponsored Enterprise (GSE) conforming loan limit,  is known as a jumbo loan.   Across Maricopa county – and in Mesa, Arizona – any loan that is over $417,000 is considered a jumbo loan.

Just a few years ago, there were 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 will to need to document your income/assets, and you must have an excellent credit score.  Currently, there isn’t a product available where you can “state” your assets or income – stated income loans don’t currently exist.

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 under $417,000 conforming loan amounts.

If you live in Mesa and are looking for a jumbo mortgage loan, be sure to contact the Mesa AZ mortgage experts now at Academy Mortgage.