What is a Jumbo Loan in Massachusetts?
In most circumstances,a jumbo loan is any loan amount over $417,001 but because of the expanded loan limits by Fannie Mae, Freddie Mac and FHA, borrowers seeking to buy or refinance their home in Massachusetts can secure today's attractive fixed interest rates for loans up to a maximum of $729,250.
The high cost areas in Massachusetts are in the Boston metropolitan area, Nantucket, Cape Cod, and Martha's Vineyard. A majority of home loan seekers will have to apply for a jumbo loan for loan requests higher than the expanded $729,250 limit.
For Second Mortgage Loans, please contact us as these programs are very hard to access!
Check » Jumbo Rates in Boston:
° Interest rates are subject
to change, without notice, until locked.
° Interest rates are updated
weekly.
° All programs reflect owner-occupied properties. And illustrate
20% or more equity for refinancing.
° Jumbo loan interest rate and APR’s are based on loan
amounts from $417,001 to $650,000. Slightly higher rates for loans up to $3 Million
° “Cash-out” refinances may have a different interest
rate than other programs, please call to verify.
° “No Doc” and No Income loans may have a different interest
rate than other programs and 30% or more minimum equity or down payment, please contact us to verify.
° Credit Scores Borrowers should have a minimum credit score of 680 for loans under $1.5 Mil and 720 if loan is > than $1.5 Million.
° ARM (adjustable rate mortgage) loan APR’s reflect
APR for fixed period only.
° ARM (adjustable rate mortgage) interest rates can increase
after specified fixed period, please review all applicable disclosures.
* Payment
Choice Program Disclaimers: (Discontinued Product)
° Payment Choice Program provides several payment options each month.
° Choosing the minimum payment one month, may not always cover the total
interest due.No Longer available
°
The unpaid portion, called "deferred interest," is added to your
loan balance; and itemized on monthly statements.
°
We highly recommend that you reimburse any "deferred interest" as
quickly as possible.
° Ask about the equity builder program that limits “deferred
interest”
° Rate shown based on loan-to-value of 80% or less; and must
credit score qualify.
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