Finance
In Jackson Hole, many properties sell far above conforming loan limits. These buyers typically obtain:
AFHA loans with high limits
BJumbo loans or portfolio loans from local banks✓ Correct
CVA loans regardless of price
DUSDA rural housing loans
Explanation
Jackson Hole properties frequently exceed conforming loan limits by a wide margin. Buyers typically use jumbo loans (private loans above conforming limits) or portfolio loans (loans held by banks on their own books), which have different underwriting criteria.
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Key Terms to Know
Loan-to-Value Ratio (LTV)
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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