Greetings everybody this is Doris and
here with me I have Kristen Breen today we are going to be talking about Jumbo
Loans and Fannie Mae loans Kristen we have a question for you welcome welcome yeah thank you thank you so good to have you here in here in Orange County many of
the buyers basically qualify for jumbo loans yeah we have also the other end
where we have buyers who are qualified for fannie mae loans yes what I’m
hearing and my understanding is that when it comes to jumbo loans the
interest rates can be so much better they can in Fannie Mae oh my gosh yeah
can you tell us about the qualification about that how can maybe fannie mae buyers can go ahead and provide info to qualify you know yeah go into the jumbo world right that’s makes total
sense we want to get people the best rates yeah we can absolutely so anything
over seven hundred-twenty six thousand dollars in Orange County is
going to be considered a traditional jumbo mortgage you’re always gonna have
to get a jumbo product if you have that loan amount or higher but what you can
also do now is get a jumbo mortgage for the specific rate reason if you’re
between four hundred and some-odd and seven hundred some-odd thousand
dollars then you’re gonna be able to qualify for a jumbo mortgage if you have
the credit history the FICO score verify two years of tax returns
maybe not changing jobs too much you’re going from different industry to
industry that jumbo looks a little more stricter on that you have to have more
post-closing reserves so after you make your down payment they’ll look at how
much do you have left do you have a 401k do you have stocks to bonds checking
savings do you have a deep enough credit history even though you have a great
FICO score have you had credit for two years or
more at least three different types of credit credit cards car payments etc so
all of these things have to come together to qualify for a jumbo mortgage
it is a little bit more difficult it is more detailed and it
can be harder to do depending on your financial situation but if it’s
available to you you should absolutely apply for that product versus a Fannie
Mae loan if if that’s available absolutely and I totally agree with
that I mean if it comes down to saving some money on the monthly basis oh my
officially at the end of the term yeah thats big savings right there oh you makes total sense to do so such a big savings yes but on the other side if somebody
does have to get a Fannie Mae product to start with there’s always opportunities
to look at a refinance down the road as they’ve gained more credit history with
their home and having that on their credit now too so there’s always lots of
options and somebody should always be in touch with a loan officer to review
their mortgage every year absolutely this is great great information
great tips for sure Thank You Doris thank you so much for being with us
today if you have any questions please make sure to put them down in the
comments and also subscribe for additional information videos we are
videotaping videos every single week giving you information related to real
estate to loans to rates etc so feel comfortable to ask questions and also do
not forget to subscribe below Thank You Doris thank you so much for so great
being here


  1. Amy Hayslett Realtor says:

    Great info for buyers to save money.

  2. Georgia Coast Homes by Karin Carr says:

    Why is the interest rate better on a jumbo loan?

  3. Solano County Homes with Raven Jackson says:

    Such great info for buyers.

  4. AskRigs says:

    Hey there, I'm still wondering why jumbo loans have better rates than Fannie Mae loans?

  5. Everything Edmonton says:

    Great info about Jumbo loans! You two are naturals on camera

  6. MyRealtorKerri says:

    Great info!!!

  7. Russell and Jessica, Realtors says:

    Great info!

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