Full disclosure at the start of our Blog Post. Bank of America is one of our Preferred Vendors and we love working with them.
Jumbo Loan Definition
Typically in most markets around the USA, a “Jumbo Loan” is a mortgage that has a loan amount above the industry standard definition of a conventional conforming loan. What’s a standard? Well, the actual “standard” is set by the two largest secondary market lenders, Fannie Mae and Freddie Mac.
Any loan that does not conform to these standards can and/or is typically referred to a “Jumbo Loan” – these are usually higher priced homes, above $1M as an example.
Jumbo Loan Deals for Las Vegas Real Estate
Banks of America has just announced a new and improved Jumbo Loan Program for the greater Las Vegas Real Estate Market. We believe these terms and conditions are only applicable to our market, so if outside Las Vegas please contact your local branch of Bank of America.
Here are some of the Features Bank of America is offering:
- Fixed or adjustable-rate loans
- Loan amounts up to $3 million
- Single-family residences, condos, co-ops (only in NY, NJ and DC), and investment properties
- Self-employment income allowed
If you have questions about setting up a Jumbo Loan please call us: 877.360.2030, info@LasVegasRelocation.com Twitter: http://www.Twitter/RuthAhlbrand
