Jumbo Mortgage Refinance Loans provides non conforming home loans for borrowers who do not fit into the conventional box that Fannie Mae, Freddie Mac and FHA dictate. Many applicants need home loans with amounts that exceed the conforming limit of $417,000.
Jumbo Loan Delinquencies Post 18% Jump
Moody's Investors Service Inc. reports that 0.35% of jumbo mortgages packaged into securities were delinquent in January, rising 18% from the same month in 2006.
The 30- to 59-day delinquency rate slipped to 0.55% from 0.62% in the fourth quarter.
Year-over-year, jumbo-loan foreclosure and real-estate-owned rates jumped to 0.11% and 0.037%, respectively, which are "still low in relative terms," according to Moody's Investors Service analyst Peter McNally.