8 years ago the jumbo limit at that time was 417,000 which means in order to get a conforming loan of let’s say a minimum of 5 percent down payment your loan size couldn’t be over 417,000 at that time. If you are a first time buyer and you want to place a 3 percent down payment you’re gonna be limited to the maximum loan size you can go, so 417,000 was 2013 and over time they have raised it up and now the maximum loan limit in Tulsa is 548,250 but this varies in some areas based home home prices and home values in different areas. And because Guaranteed Rate is one of the biggest lenders in the nation, they have some big places that build Jumbo products just for them like JP Morgan, Redwood Bank, US Bank, and more. So for example for a 950,000 house and you want to get a mortgage for that, if you do 10 % down the interest would be high 3% just under 4%, 15% for an interest of about mid 3% and 20% would be just over 3%.
For more information about your mortgage needs you can contact Steve Currington at Tel: 918 528 8804 or at www.stevecurrington.com.
To schedule a FREE real estate specialists consultation please contact Darryl Baskin and Pamela Wright of Baskin Real Estate Specialists powered by eXp Realty.
DARRYL BASKIN
Baskin Real Estate Specialists, eXp Realty
Email: darryl@darrylbaskin.com
Tel: 918 258 2600
Tel: 918 740 0077
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