Jumbo Loans are loans that exceed the conforming loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO), and is not eligible to be purchased, securitized, or guarenteed by Fannie Mae or Freddie Mac. A Jumbo Loan is for mortgages more than $625,500. It also offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Most purchase transactions that are Jumbo require the home-buyer to put down at least 20% of the purchase price of the home. With The Preferred Mortgage Planning Group at Bank of England Mortgage, you could purchase a home using the Jumbo program with only 5% down! Cash out and No cash out refinance are allowable.
Most Jumbo loan programs allow you to purchase single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.
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