JUMBO PURCHASE

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Conventional, jumbo mortgage loans are simply those loans that exceed Fannie Mae (FNMA) and Freddie Mac (FHLMC) maximum loan amount of $275,000.

Like conforming loans, there is a secondary market for Jumbo loans. Many investors such as large pension funds or Mortgage Institutions buy these loans. Northpoint Mortgage originates these loans to be sold to various investors.

BENEFITS:	DRAW BACKS:
Up to 95% financing Both purchase and refinance 1-4 units allowed Pretty good interest rates Low downpayment Up to 30 year payback terms Co-Signers allowed Investors allowed 2nd homes allowed	Higher rates that conforming. Mortgage Insurance if less than 20% down Good credit required Documentation of income and assets is required Impounds required if less than 10% down