Las Vegas Homes Taking Advantage of Jumbo Mortgages

In 2011, both Freddie Mac and Fannie Mae have
lowered down conforming loan limits to their 2008 levels. This only means that
consumers need to avail of jumbo loans to for them to be qualified for the Las Vegas homes, or any other
homes, that they want. Real estate agents who have been working with jumbo loan
applications before are aware that current underwriting processes and
guidelines are quite different than those meant for conforming mortgages. Hence,
it is a must that a homeowner chooses his real estate lender, one who has ample
experience when it comes to jumbo loans.

Why is jumbo mortgage called as such? If any loan
amount goes beyond the limit set by Freddie Mac and Fannie Mae, such as loan is
considered nonconforming, in other words, jumbo. For the high-cost places in
the country, the maximum amount of loan until October 2011 was $729,750.

Currently, the amount is lowered to $625,000.
Moody’s estimate that the highest-cost areas impacted by such changes are the
Northeast, Washington DC, Florida, Manhattan, and Chicago.

People purchasing Las Vegas homes will have to
note that the conventional loan limit for them is $417,000. Any loan that
exceeds this amount will be considered as a jumbo loan. There exists what is
called Super Jumbo Loan in Nevada that starts at $1,000,000.

How does one choose a reliable a jumbo lender?
Check out the following criteria:

Experience

Affluent buyers have specific financing needs; this
means that they require a uniquely flexible loan structure. However, they must
not expect their lenders to create for them a loan package that’s exactly for
them.

Flexibility

You have to consider a jumbo loan lender that is
willing to offer fixed-rate and adjustable-rate loans along with loan terms
customizable to your specific loan requirements.

 Financial
Strength

Not all lending companies possess the balance
sheets that can accommodate non-agency loans. One major lender that does it is
Citi, which provides loans of up to $2 million when it comes to fixed-rate
mortgages, and as much as $3 million for adjustable-rate type of mortgages.

Low Cost

Current interest rates are considered at their
rock-bottom lows. Remember, however, that low interests do not necessarily
ensure low prices for buyers Las Vegas homes, or any other
home, for that matter.

Simply put, a jumbo loan lender that is adept at
creating the most viable mortgage strategy for his buyer must be one’s choice. He
must understand that clients have various needs and are in different
circumstances. It is advisable to build mortgages that are tailor-made for
them.