• Jumbo Loans

  • Jumbo Loans:

    Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes, and usually require a higher down payment than traditional loans ( Typically 10-20% down ).

    Qualifying for a jumbo loan tends to be a little harder than qualifying for a conforming loan. When a loan falls outside the parameters set by the government, the lender has to mitigate financial risk in other ways. Jumbo loans are manually underwritten, and all factors are considered carefully; the qualifications tend to be more stringent.

    The current Jumbo Loan limit is $453,100. If your loan is for more than this amount, you will need a Jumbo Loan. For more details or information you can contact me.