Real Estate Jumbo Loans in Key West

Real Estate Jumbo loans exceed the amount of loans allowed by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Association (Freddie Mac), the federal agencies that oversee the secondary market in mortgage loans. The maximum mortgage amount for Fannie Mae and Freddie Mac can go up or down and presently stands at $203,150 in Key West.

Fannie Mae and Freddie Mac are not loan guarantors, they are purchasers from primary real estate loan lenders. Fannie Mae and Freddie Mac purchase loans from lenders and then resell the loans to other organizations such as insurance companies and banks. On the other hand, FHA and VA are loan guarantors. Many FHA and VA loans are purchased by Fannie Mae and Freddie Mac. Interest rates on jumbo loans typically are slightly higher than other loans, but this isn't always the case. Lenders who intend to keep the mortgage in their portfolio tend to offer competitive interest rates.