Maryland Jumbo Mortgage: A recent conversation with a mortgage broker friend of mine brought to light the scarcity of true Maryland Jumbo Mortgage loans and programs. My friend lamented that he did not have 1 program he could offer to a client who fell outside the current Fannie Mae loan limits. While we also offer excellent pricing on the conforming jumbo loans , we can still offer financing over and above the Fannie Mae loan limit in Maryland.
Despite the 2009/2010 conforming loan limit remaining at just $417,000 to $729,500 in Maryland, we still are able to offer affordable financing to qualified borrowers for purchases as well as refinances for jumbo loans over the current conforming loan limit in your particular county. A closer inspection of the loan limits for Maryland Jumbo Mortgage loan limits reveals that only Calvert County, Charles County, Frederick County, Montgomery County, and Prince George's County go up to the high balance limit of $729,500. The greater Baltimore, Towson, and Easton areas do not see the same loan limit for Fannie Mae financing. My company is still able to offer Maryland Jumbo Mortgage rates and programs for all areas of Maryland regardless of the Fannie Mae loan limit.
*Please call for specific quotes*, due to market fluctuation and guidelines, our Maryland Jumbo Mortgage Rates can vary depending on your particular scenario. Please feel free to contact me directly for a tailored quote for your specific needs. Even if a loan falls outside our traditional guidelines, we can make a submission for an exception and see what happens as well.
Typical minimum FICO scores range from 700 to 740 depending on the Maryland Jumbo Mortgage program. FICO scores are considered to be more a general indicator for this program, and the overall credit picture is reviewed more so than simply a number. Full Documentation loans only. Subject to verification of post closing assets and full underwriting. Post-closing assets can refer to simply an account such as a 401k, IRA, or any other type of asset account that could show funds that you have access to withdraw.
Currently with loan to values of up to 70-80% on purchase money/rate term/cash-out refinances to $1,000,,000, up to 65%-75% on purchase money/rate term/cash-out refinances up to $1,500,000, and up to 60%-70% Financing to $2,000,000. Loan-to-values depend on the specific program you are qualified for and can vary. Loan-to-values also depend on whether or not your area is considered to be in a distressed market. For all of your Maryland Jumbo Mortgage needs, contact me today!
