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Jumbo home loans and how they work - YouTube
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all right everyone welcome back and i am
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your host steven north my partner next
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door to me
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that way michael died of megastar
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financial and today
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we're talking about jumbo loans now
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there's a question that we hear quite
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often for our folks trying to buy into
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other properties so what we're going to
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do is we're going to first define what
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is a jumbo loan versus a non-jumbo loan
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and then we're going to talk about the
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different things you should be aware of
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while getting a home that is a jumbo low
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so
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first thing what is a jumbo loan a jumbo
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loan is qualified very simply as a
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larger mortgage limit on your property
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so
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back up real quick we're talking about
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the mortgage your mortgage on your house
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is very simply offer price minus down
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payments that net number is now what
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you're going to be deciding the fact on
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about whether it qualifies as jumbo or
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not so let's just say now that you buy a
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house for seven hundred thousand dollars
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you put a hundred thousand dollars down
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that's 600 that net number right there
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that is what people are going to say
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is that jumbo or not now
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very easy way to figure out whether
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jumbo or not is just to google it you
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can literally google what is the jumbo
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loan limit in my county and it is county
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specific so obviously we're here in
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colorado so let's talk about that
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rough rough numbers from fort collins
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carl springs generally that jumbo loan
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limit
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is any loan under six hundred thousand
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dollars all right now obviously make
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sure you fact check that with your local
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expert and online but that is the kind
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of rule of thumb now obviously there are
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certain counties where that loan limit
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is more as an example boulder county is
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654
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thousand dollars all right and then
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obviously towards the west summit county
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places like frisco breckenridge copper
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that's 822 000 same thing with eagle
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county and that's eagle vale fever
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create those properties over there all
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right now
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with that also being said
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jumbo loans can qualify between one and
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four properties because we talked about
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in another video of ours what defines
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commercial real estate commercial real
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estate is anything over a four unit
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dwelling so anything four plex or a quad
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plex and lower that is residential real
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estate so those jumbo low limits
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typically speaking
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in colorado those counties you know fort
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collins cardinal springs a four unit has
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to be with under
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1.2 million dollars 1 million to 1.2
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million
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same new boulder county once we're over
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in vail in summit county now it's
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between about 1.5 or less but obviously
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remember
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fact check all that information with
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your local learner because things do
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happen things do you change i want to
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make sure that you guys are kept up to
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speed about what's happening all right
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now with that being said michael's going
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to jump into some of the specific things
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that you guys should also be aware of
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too
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right jumbo loans are a little bit
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different in the fact of what kind of
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down payment you're putting down right i
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mean that's one of the real big specific
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things that we're talking about on here
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and since the jumbo loans are not sold
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on the secondary market
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there are more uh investor specific um
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guidelines on that so you could be
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putting down anywhere from 10 to 20 on
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that depending on uh on that investor so
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that is something that you'll need to
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talk with your lender about and see what
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jumbo loans they do have to offer
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because there are several different ones
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um in that arena to where you can choose
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from and some people have access to
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better
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better jumbo loans than others because
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maybe they do a little bit more of them
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but yeah most of the time that when
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we're talking about what a jumbo loan is
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is it's any loan that you do
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that is above our high balance loans
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which is usually about 696 850 here so
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anything above that is uh considered a
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jumbo loan
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so
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they go from five now excuse me they go
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from 596
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851 and up i apologize about that uh
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it's 596 in between there but uh those
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are our jumbo loans our high balance
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loans are loans that are almost a jumbo
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loan but not we still got conforming
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loan limits on them but there might be
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like stephen has suggested um in
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areas where the homes are a little more
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expensive and those high balance loans
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won't quite have um
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the interest rate that a jumbo usually
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jumbles they're a little bit higher than
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the high balance loans but the eye
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balance go from eight
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548 251 to
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596 850. those are our high balance
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loans and those are still considered
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conforming so anything above that 596
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851 is considered a jumbo and you need
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to be talking to your lender about what
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the specific guidelines and
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documentation is needed for those types
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of loans
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awesome so i love that so just to wrap
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everything up guys when it comes to
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jumbo loans versus non-jumbo loans
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always make sure you understand that you
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are being
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termed on the actual net net mortgage
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balance once you go through the offer
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and then your down payment process now
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obviously make sure to back check all
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the information with your local lender
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and make sure that your realtor also
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understands how to negotiate those types
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of loans too because what we always say
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over here is you know what
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we do not want you get to you know be
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into a house and you are a house poor
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all right don't stress yourselves too
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hard all right don't try to eat the
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elephant in one place we always say so
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that being said any questions please
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reach out to us and we'll see you guys
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next time
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have a great week
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