Financing for homes that cost more than standard loan limits allow. See your options today.
A jumbo loan is a mortgage that is larger than the conforming loan limit. Fannie Mae and Freddie Mac set that limit, and the Federal Housing Finance Agency (FHFA) updates it each year. It also varies by county and by the number of units.
If your loan is above the limit for your area, you need a jumbo loan. Many buyers of higher-priced homes use them. You can also use one to refinance a larger loan.
Want the current limit? Check the FHFA loan limits page or ask us. We can tell you the limit for your county.
A jumbo loan may make sense for a few reasons.
Still, jumbo loans come with stricter rules. Let’s look at those next.
Jumbo loans are not backed by Fannie Mae or Freddie Mac. So, lenders take on more risk. As a result, they often set stricter standards. They may look for:
Rules differ by lender and program. For that reason, comparing more than one option can help. As a mortgage broker, we can do that for you.
It depends. Jumbo rates can be higher, lower, or about the same as rates on standard loans. Rates change with the market, your credit, your down payment, and the lender. So, ask for a side-by-side comparison before you choose.
You have choices. For example, you can pick:
Self-employed? You may also have options with a bank statement loan. Buying to rent? Look at our DSCR loans.
Getting started is simple.
The limit changes each year and varies by county. We can tell you the limit for your area. You can also look it up on the FHFA website.
It depends on the lender and the loan amount. Jumbo loans often ask for more down than standard loans. Ask us about your situation. To plan ahead, try our home affordability calculator.
Often, yes. Many lenders want strong credit for a jumbo loan. However, rules differ. Ask us what may work for you.
Some programs allow it. Availability depends on the lender and the loan. Rules for these homes are often stricter.
Yes, in many cases. Keep in mind that a refinance has costs. So, compare the new rate, payment, and fees first. Our refinance calculator can help.
It depends. Many jumbo loans do not use standard mortgage insurance. However, lenders may ask for a larger down payment instead. We can explain the choices.
A larger loan is a big decision. That is why we give clear answers and simple options. As a mortgage broker, we can compare more than one path for you. Get your free quote today. Then see if a jumbo loan fits your plans.
There are many benefits, including: financing available up to $2.5 million; the convenience of one loan for the entire loan amount instead of having multiple mortgages; competitive pricing… and more.
