Jumbo Mortgage Loans

Chandler AZ Jumbo Mortgage Loans

As home prices in Chandler have risen over the last 10-15 years, many people are searching for jumbo loans for the financing of their homes. In Chandler, any mortgage loan amount that is larger than $417,000 is considered a jumbo loan.  Where there used to be hundreds of lenders who were willing to loan money to people who needed a jumbo loan, now there are just a few. And the jumbo loan market is not one where Fannie Mae or Freddie Mac are investors – so if there are only a few investors who are willing to invest in the jumbo loan market, that means jumbo loans are going to be more difficult to find.

But it is still possible to get a jumbo mortgage loan in Chandler!

When working with us to get qualified for a jumbo loan for your Chandler home, be aware that there is not currently a product that allows you to state your income or assets. Be prepared to document everything – from income to assets to credit score. In today’s jumbo mortgage market, lenders are up front about requiring more (and more) documentation.

Generally speaking – any lender who is willing to loan money for a jumbo loan will have a “high limit” that they will loan up to.  Each lender has a different high limit. Some lenders will lend up to $2 million for a Phoenix jumbo loan and others may go to $3 or even $4 million. In Chandler, generally speaking – you can expect that a high limit of about $2 million will apply for homes in the Chandler area.

Chandler Jumbo Mortgage Loan Interest Rates

Jumbo loans have a “market” interest rate — because they are not backed by FNMA or FRMC – they are backed by individual private banks.   Because of this, typically the market interest rate is higher than conforming mortgages that are bought by Fannie and Freddie.

Generally speaking, for jumbo mortgages in Chandler, you can expect that the interest rates are going to be between about 1/4% – 1% higher than those loans on conforming-under-$417,000 loan amounts.

If you are thinking about getting a jumbo loan in Chandler, be sure to contact me for the best possible rates and the best service in Arizona — and of course, we can also close your loan in 10 days.