Jumbo Mortgage Loan

Scottsdale AZ Jumbo Mortgage Loans

Even though home values have declined in parts of Scottsdale, jumbo loans in Scottsdale are common. More and more people are searching for more information about jumbo loans and what options regarding the jumbo mortgage market are available to them.

In Scottsdale, any loan amount that is over $417,000 is considered a jumbo loan. Jumbo loans are not bought by the US government, they are bought by private banks who then wrap them up into mortgage backed securities and sell them to investors.

Because jumbo loans are not bought by the government sponsored enterprises (GSE’s) of Fannie Mae and Freddie Mac, the availability of jumbo financing is limited to investor demand. The good news is that there are plenty of investors who are willing to provide jumbo financing – if you know where to look!

Scottsdale Jumbo Mortgages Are Available

When you work with us to get a jumbo loan for your Scottsdale home, be prepared to fully document your income and assets. There are no “stated” jumbo loans available currently from investors. In today’s jumbo mortgage market, pretty much every lender is going to require that you fully document everything.

Many jumbo mortgage lenders in Scottsdale what are called “high limits” that they are willing to loan up to. Every lender establishes their own high limit (if any) and the most common high lilmit is probably about $2 million. We currently have a few lenders who are willing to go higher, but high limits will change from time to time without notice.

Scottsdale Jumbo Mortgage Loan Interest Rates

Because jumbo loans are bought and sold by private investors and not the US government, they will carry a “market” interest rate that is typically higher than conforming mortgages that are bought by Fannie and Freddie.

Generally speaking, for jumbo mortgages in Scottsdale, you can expect that the interest rates are going to be between about 1/4% – 1% higher than those loans on conforming-under-$417,000 loan amounts.

We are experts at helping people all over Scottsdale get a jumbo loan at the best possible rates and terms. If you are looking for help with your Scottsdale jumbo loans, be sure to contact me for the best possible rates and the best service in Arizona — and of course, we can also close your loan in 10 days.