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Answers (5)
Best Answer
- Clay Branch, "Georgia Loans"
- Contributions:7839
They are trying to say it is a non conforming loan and they refer to those as "Jumbo". Large loans too big to fit High Balance / Super Conforming loan limits are either Jumbo or Super Jumbo. While the loan limits on those loans are $2M, $5M, etc the loan guidelines also go down to $100K, you will find that with ING, Astoria, and others considered to be "Jumbo" lenders. So B of A just refers to the non conforming loans as Jumbo, even if the loan amount is $200K.
- Jake Baxter, "JAKEBAXTER"
- Contributions:38
Although your loan is not considered "Jumbo" according to the loan size, mortgages at Bank of America and other large lender were coded as "non-conforming" "jumbo" regardless of the loan balance back in the day. If your original loan was approved as a stated loan or any other program that might not have met all of Fannie Mae or Freddie guidelines it would be considered non-conforming aka jumbo.
- user957543
- Contributions:2
My Servicer is Bank of America and my Investor is Bank of New York (BONY). When I call and ask Bank of America why they title my mortgage as a Jumbo they say it is. I tell them that it is not because the amount that is needed to be considered Jumbo is over $417,000 as of today and was higher when I got my mortgage in 2006 from Countrywide. They say every state is different in what they call Jumbo. I was also told that Bank of america considered my mortgage to be called Jumbo because it's not a freddie or Fannie secured mortgage. I told them, you have no idea what you are talking about. That's not called Jumbo if it's not held by fannie or freddie. They say it is under Bank of America.
- Brian Goetz, "bri_gets"
- Contributions:295
If you are talking about Prior Lake in Scott County, the maximum conventional loan is $417,000. So your loan would NOT be a jumbo loan.
- shapiroamg
- Contributions:3058
How long have you had your mortgage? Who is calling it a Jumbo?
The current conventional loan limit is $417,00. So jumbo loans start with loan amounts above that number and will vary by county.
Why is my mortgage considered a Jumbo Loan?
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