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How to use jumbo mortgage financing to buy a high-priced home

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Answer: In general, a higher-priced mortgage loan is one with an annual percentage rate, or APR, higher than a benchmark rate called the average prime offer rate. Example: Lets say youre looking for a mortgage loan thats not a jumbo loan for a new home youd like to buy. You decide on a mortgage loan from Lender X with a 6.5 APR.

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Buying a. to close the loan on the home,” says Ralph DiBugnara, president of real estate and finance web video series Home Qualified and vice president at mortgage lender Cardinal Financial..

Related: How to use jumbo mortgages to buy high-priced homes Rates for non-conforming mortgages tend to vary more because guidelines are set by the lenders themselves or a group of investors.

Got your eye on a higher-priced home? A jumbo (or nonconforming) loan might be an option if you're considering a loan over $484,350. (Loans under $484,350 .

A jumbo loan is one way to buy a high-priced or luxury home. If you have a lower debt-to-income ratio and a higher credit score, a jumbo loan may be right for you. Types of Loan Programs: Conforming, Jumbo. – mortgage-x.com – Jumbo Loans.

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A jumbo loan, also known as a jumbo mortgage, is a form of financing for homes that exceed the loan limits set by the Federal Housing Finance Agency (FHFA), for each individual county in the country. Jumbo loans are designed to finance expensive luxury properties and homes in high-priced real estate markets.

Many lenders and loan programs frown upon investment properties. Lenders do not want to stick their necks out for a property that may turn out to be a failure for you. Rather than settling for high-priced financing, you have the option to use the home equity in your primary residence to help you purchase a rental property.