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Jumbo Home Loans Arkansas

Are you in need of money and are considering a jumbo loan? If so, read the following article for some important information regarding the loans.

Local Companies

Fairway Independent Mortgage Corporation
501-614-4600
1819 N. Filmore Street
Little Rock, AR
Midwestern Loans
(918) 422-9900
3422 Highway 412 E
Siloam Springs, AR
Superior Finance Company
(918) 422-5104
State Line Rd & West
Siloam Springs, AR
Bank of America
(501) 378-1267
200 W Capitol Ave
Little Rock, AR
Farm Credit Services of Western Ark
(479) 637-2087
Highway 71 B
Waldron, AR
Simmons First
(501) 223-4200
8315 Cantrell Rd
Little Rock, AR
Peoples Bank
(870) 942-5707
1120 S Rock St
Sheridan, AR
First Tennessee
(870) 735-9501
1405 N Missouri St
West Memphis, AR
Union Planters Bank
(870) 256-4191
Des Arc, AR
Green's Tax Service
(870) 793-2155
4085 N Saint Louis
Batesville, AR

A jumbo loan is a home loan that is greater than the loan limit set by the Federal National Mortgage Association (also known as Fannie Mae) and the Federal Home Loan Mortgage Company (also known as Freddie Mac). Currently, the maximum value of a standard loan is $417,000 for a single home property; $533,850 for a two dwelling property; $645,300 for a three dwelling property; and $801,950 for a four unit property. Any single loan amount that exceeds those values will bump your loan into jumbo loan territory. Loans within the limits are referred to as conforming loans.

Because jumbo loans are not supported by the two listed Federal Mortgage agencies, they usually carry a higher interest rate. Other than the higher interest rate, jumbo loans are identical to a traditional, conforming loan. You can usually obtain a jumbo loan through the same channels as a conforming loan as well.

  1. Visit a local bank or credit union. Go into your local branch and ask to speak with a loan specialist. Explain the loan that you need and the loan specialist will walk you through the application process.

  2. Contact your financial institution of choice by phone. Place a call to your business of choice and ask to speak with a loan officer. Many financial institutions will begin the loan process over the phone and either send you the paperwork by mail or have you come into a local office to sign the documents.

  3. Apply to a specific institution through the Internet. In the interest of reaching more customers and increasing their efficiency, nearly all major financial institutions will now take your application online. Visit the site of your financial institution of choice and follow the instructions to apply for a loan.

    ...

Click here to read the rest of the article at HowToDoThings.com

Author: Brad Halvorsen

Featured Local Company

Fairway Independent Mortgage Corporation

501-614-4600
1819 N. Filmore Street
Little Rock, AR
Read more about Jumbo Home Loans

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