March 20, 2009 - Jupiter FL.  Several of the major lenders are once again offering Jumbo Mortgage Loans.   Jumbo loans are sometimes call non-conforming loans because they do not "conform" or exceed  the mortgage caps set by FannieMae and FreddieMac. The Jupiter Palm Beach area has many homes  for sale that fall outside the conforming loan limits and could be financed using a Jumbo Loan.

Bank of America, the country's largest mortgage lender, is rolling out a program to finance jumbo loans between roughly $730,000 and $1.5 million, with fixed 30-year rates starting in the upper 5 percent range. The loans will be available through the bank's retail network and also through its Countrywide Home Loans subsidiary.

Other financial institutions will also be offering Jumbo Mortgages for the purchase of luxury homes.  ING Group, an Amsterdam-based banking and insurance conglomerate, offers jumbos as large as $2 million through its online ING Direct unit. The minimum down payment for an ING Direct jumbo is 25 percent; Bank of America quotes a minimum 20 percent.  Luxury Loans of San Diego also offers Jumbo Mortgages.

If you've been postponing a purchase, sale or refi of a luxury home in the Jupiter FL real estate market because the loan amount you need is too big for Fannie, Freddie or FHA, check out these new sources of jumbos.

For complete details on everything Jupiter Florida real estate visit our website at:  http://www.LivinginJupiterFL.com or call Mary Hester at (561) 632-7373.  Mary is an Accredited Luxury Home Specialist with specialized training to meet the distinctive needs of luxury home  buyers and luxury home sellers.

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