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Liberty Mortgage, Inc.
509 W. McKinley Avenue
Mishawaka, Indiana 46545
Telephone 257-0629
or 888-568-1786
Fax 574-257-0632
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As of 11/30/2004, Fannie Mae is raising their conforming limits to $359,650
on single family primary residences.
So over $359,650 you have to go into a jumbo loan or do a "combo" loan
where the first mortgage equals $300,700 and then you can do a second
or a line of credit for the difference. Jumbo rates usually run
a little higher than conventional, so we really need to see what you
need before we can show you what per month would be the cheapest.
You can put as little as 5% down on a jumbo loan, however pricing
gets better if you can put at least 10% down. You will have PMI to 20% just like conventional lending,
or you can do a "combo". All credit guidelines apply just like conventional lending and terms available
are like conventional.
Terms Available:
15 & 30 Year Fixed
1,3,5,7,10 Year Adjustable Rate
Terms
5 & 7 Year Balloons
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