A Jumbo Loan may be the right loan option when buying a house with a high sale price or refinancing a property with a high appraised value. A mortgage is classified as a Jumbo loan, or Non-conforming loan, when it exceeds the maximum conventional loan (conforming) limits. Currently this limit is $510,400 for single family properties, as set by Freddie Mac and Fannie Mae.
Jumbo loans can be used for financing Primary Residences, Second Homes, Vacation Homes and Investment Properties. While they typically have more income and asset documentation requirements than conforming loan programs, the Jumbo option also allows flexibility for borrowers to select:
- The term (length) of the loan
- Whether the loan will be a fixed rate mortgage or an adjustable rate mortgage
If you’re ready to start your jumbo financing today, let us help you take the next step in the mortgage process.