Jumbo Loans

Is your loan out of the Fannie and Freddie loan amount parameters? At AMC, we are dozens of programs available for jumbo loans, listed below is just a small sample of what options you have when deciding on a loan program. You loan consultant will help you decide which is the best solution for your lending needs.

• 80% Financing
• Rate and Term Refinance
• Construction Loans
• Investment Property Loans
• Debt Consolidation
• Home Improvement Loans
• Damaged Credit

Rate and Term - A rate and term refinance is when you refinance your mortgage for a better interest rate than your current rate. You may or may not reduce the term of your mortgage.

Construction loans - These loans are primarily used for building a new home from the ground up. Small home improvements do not need a construction loan.

Fixed Rate Jumbo Loan
Principal never change. Fixed-rate mortgages are available for 30 years, 25 years, 20 years, 15 years and even 10 years.
With a Fixed-Rate Loan, you’ll have one interest rate for the life of the loan. This means your payment will always stay the same, even if interest rates go up. Granted fixed loans are the most popular and most stable when rates are concerned but are they the right loan for you

Interest Only Jumbo
An Interest Only Jumbo allows a borrower to pay only the interest due on the monthly mortgage payment. For example a $400,000 loan amount with an interest rate of 7.5%, the regular monthly principal and interest payment would be $2796.85. With an Interest Only Mortgage, with the same scenario as above, the monthly payment due would be $2500.00. This is only the interest due on the loan. The principal is never paid down.
Jumbo-Conforming Mortgage Loans – Expanded Eligibility and Products

Introduction
Announcement 08-05, Temporary Increase to Our Conventional Loan Limits, dated March 6, 2008, and Announcement 08-09, Jumbo-Conforming Mortgage Loans – ARM Plans, MBS Pooling, and Other Information, dated April 4, 2008, established Fannie Mae’s requirements regarding jumbo-conforming mortgage loans that will be acquired under the authority granted by The Economic Stimulus Act of 2008. This law established temporary increases to Fannie Mae’s conventional loan limits for first lien mortgage loans in high-cost areas, as defined by the U.S. Department of Housing and Urban Development (HUD).
In order to quickly introduce jumbo-conforming mortgages to the marketplace, Fannie Mae took a phased approach, starting with limited product eligibility and scope for certain whole loan purchases and MBS deliveries beginning on April 1, 2008. With this Announcement, we are pleased to be able to provide lenders with additional eligibility and product expansion for jumbo-conforming mortgages.

Purpose
This Announcement outlines Fannie Mae’s expanded requirements for the origination, underwriting, and delivery of conventional jumbo-conforming mortgages and delivery of FHA higher balance mortgages. In addition, we are providing a comprehensive description of all jumbo-conforming eligibility requirements