jumbo loan

[jibiuro]

I was wondering if anyone can enlighten me on this matter. What is difference between a 1004 refi report going with a conventional loan and a jumbo loan? Are there any disclaimers that we need to put since the loan is a jumbo?

My question looks a bit off, but I am sure experienced ones would understand what I am asking about. Thank you!

 

[J Grant]

I have done a number of high end houses well over a million dollars..I think the most expensive house I did was in the 12 million $ range. I am sure they were jumbo loans, but I did not talk about it in the report. That is not the appraiser's concern, what kind of loan the borrower is obtaining. Just appraise the property.

 

[Scott R Marshall]

The type of loan being obtained and the terms of it are generally not the concern of the appraiser unless there are specific guidelines attached with it (FHA,VA, etc). To my knowledge there is nothing special about these types of programs that the appraiser should concern themselves with other than the general complexity for these types of assignments and the added liability that comes with it, but I would argue that the same caution regarding liability should be exercised in every property you appraise.

 

[jibiuro]

Thank you for the answers.

 

[residentialguy]

As a trainee, it is important that supervisor signing on the report is a Certified Appraiser (or Cert General).

 

[jibiuro]

As a trainee, it is important that supervisor signing on the report is a Certified Appraiser (or Cert General).

Yes, I am aware of that too. Thanks, though. The report is pretty simple, there are plenty of comps and almost identical comps. The only difference is the extra zeros. Which lenders let trainees sign the reports with the supervisors anyway? My name always goes to the certification page. Besides, I am pretty much doing everything.

 

[residentialguy]

Nothing simple about a report these days.

 

[JSmith43]

What is difference between a 1004 refi report going with a conventional loan and a jumbo loan?

A jumbo loan is mortgage speak for loans that exceed the Fannie/Freddie conforming loan size limit.

The general default is Fannie guidelines but you should inquire and make sure this is the case. For a few years now, these loan types have been scarce and generally were meant as a portfolio loan for the originating financial institution.

Sometimes these loans are called non-conforming or super conforming.

Here, knock yourself out with details:http://www.americansecuritization.com/story.aspx?id=3117