Any loan over $417,000 in the present lending environment is considered a jumbo. While the mainstream lenders have re-entered this category, the most aggressive pricing is from portfolio lenders. A portfolio lender is one that typically funds their loans independent of the secondary mortgage market and Fannie Mae or Freddie Mac and holds the mortgage in their own “portfolio”. These lenders typically have a different set of guidelines and lending matrices, and oftentimes have rates that favor ARMs over 15-year and 30-year loans.
Portfolio lenders will typically favor primary residence over second homes; they usually do not lend for investment properties. Loan limits will go as high as $5MM, but typically comfort levels at $1,500,000 or below.
We offer a range of portfolio loan products at aggressive rates.