Maryland Jumbo Loans
Qualifying for a jumbo loan is becoming easier by the day with the stable real estate market. The current housing market is enjoying stable interest rates and a rather predictable future, which makes lenders very willing to offer high-value mortgage loans like jumbo. That should be welcome news for any potential Maryland home buyer.
The Old Line State is known for many things, one of them being fancy and luxurious housing. As a matter of fact, with an average home listing price of $359,817, it ranks 13th in the order of the most expensive states. Be that as it may, there are certain counties with very affordable housing, like Howard where the average listing price is $106,385 and Allegany with $176,349. A conforming mortgage loan is more than sufficient to buy a home in such counties.
But if you want to live in Montgomery, Talbot, Charles and a host of other counties where the average listing price exceeds the mortgage limit set by Fannie Mae and Freddie Mac, you may want to consider taking out a jumbo mortgage. Maryland jumbo loans have higher amounts, with some counties having limits of up to $636,150. With that amount you can practically own a house anywhere in the state.
But you should be aware that the eligibility conditions, terms, and requirements of Maryland jumbo loans are not the same as those for a conforming loan. You need to get professional advice from a Maryland mortgage expert before taking the big leap. Luckily we here at TJC Mortgage do exactly that. Other than helping homebuyers to get mortgage loans, we also guide them on the best types of loans. Please contact us, and we will help you secure the best jumbo mortgage deal in Maryland. Meanwhile here’s some information on jumbo loans to get you started.
Maryland City Mortgage Service Areas