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Are there loan limits for construction financing?

do the funds at any point become considered "jumbo" and have different requirements
By m84johnson9878533 from TN May 1st 2014
Reply

a jumbo loan is a loan amount over $417,000 and any loan amount overthat amount will require a slightly higher interest rate.How much do you need to borrow?BillWintrust Mortgage 618-540-8132

May 1st 2014

The maximum loan limits for conventional financing is $417K. This is the maximum LOAN AMOUNT. Anything over this would be considered jumbo, and priced accordingly. Since Jumbo loans are a "non-conforming" loan product, meaning there is no industry standard set of underwriting guidelines to go buy, but rather, each lender offering jumbo financing will have their own set of rules and regulations which will be different from lender to lender. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

May 1st 2014

Good Morning M84...Yes the maximum limit for conventional financing is $417K. Financing over this amount is considered Jumbo Mortgage Financing. Jumbo Mortgages are considered a "non-conforming" Mortgage product, there is no industry standard to go buy, each lender will have their own set of rules and regulations. We provide Mortgage Financing in all 50 States, Please contact us at 856-853-1234 or e/m [email protected] ~ We look forward to assisting you with this...

May 2nd 2014

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