A jumbo mortgage is a mortgage loan which is larger than the limits set by Fannie Mae and Freddie Mac ($417,000 as of 1/1/2007). On 3/17/2008, in an effort to revitalize the mortgage markets, Fannie and Freddie raise the conventional loan limits in select Colorado communities.  Please call toll free 877 656-8522 to obtain the new limits. Since these two agencies will not purchase jumbo loans, they usually carry a slightly higher interest rate (to enhance their value and marketability to investors) of approximately .375% to .5%.  All conventional loan programs are standardized.  That is not the case with jumbo loan programs.  Investors tailor their jumbo loans to satisfy their internal policies.  Consequently, when pricing a jumbo loan, such loan attributes as loan to value, type of program, credit score and ratios can have a significant impact on the cost of the loan.  In order to obtain the lowest possible rate, your mortgage banker will need to ask specific questions and take extra time to select the best investor your needs.

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