Recently, we had a discussion with the Branch Manager at Academy Mortgage in Mesa, Kevin Kosisky. During this short excerpt we discussed jumbo loans and what the current jumbo mortgage market was like here in Arizona.
From the video:
Kevin, can you tell us what a jumbo loan is?
A jumbo loan is a loan that the loan amount is over $417,000 and that is throughout the country.
And are they available in Arizona?
Yes, they are available and they require at least 20% down and we have been doing quite a few of them in Arizona.
What are the general guidelines for jumbo loans in Arizona?
Jumbo loans have the same basic guidelines as a conventional loan, a lot of times they are scrutinized a little more beccause the loan amount it higher, you might have two underwriting layers but otherwise it is the same type of qualifications.
Would the guidelines be different for California jumbo loans vs Arizona jumbo loans?
No they wouldn’t – the guidelines are the same, the only difference may be the requirement for down payment depending on the region that you are in.
How do the interest rates on Jumbo loans compare vs conventional loan rates?
There is a misconception that jumbo rates are much higher than conventional rates but they are not. Jumbo rates are about the same as the conventional rates right now – and you can actually get some really good deals on jumbo loan rates with the jumbo ARMs.
Have questions about jumbo loans in Arizona? Be sure to contact Kevin and his team for more answers.
