A Jumbo Loan is a mortgage that exceeds the loan limits set by the Federal Housing Finance Agency (FHFA) and are considered non-conforming loans. A Jumbo Loan may be the best choice where the desired loan amount for a homebuyer is higher than the qualifying limits of Freddie Mac and Fannie Mae. Depending on your income, the price of the home you want to buy, and considering all other loan options, the jumbo loan is a very popular choice.
The maximum loan amount can vary from lender to lender. With many lenders, these amounts can exceed 3 million. Borrowers can choose between a fixed-rate or adjustable-rate (ARM) jumbo mortgages. Theses mortgages can additionally be used for vacation homes or investment property as well as your primary home. You can still get a competitive interest rate and terms to fit your needs without being restricted by the dollar limit on conforming mortgages.
Apply Online Get a personalized custom loan with the help of our professional loan officers, fast response. Online or in person.
|
- or - | Talk To Us If you can't talk right now and prefer to talk over the phone? Fill out a short form and a professional loan officer will call you.
|
The U.S. Department of Veterans Affairs program (VA) can also be used for a jumbo mortgage loan. The VA will insure the portion of your mortgage that falls under conforming loan limits. The down payment requirement is based on the portion of the loan that is above the conforming loan limit. This loan is available from some lenders with zero down and no PMI.