What Is a Jumbo Loan? A jumbo loan, also known as a jumbo mortgage, is a type of home... Jumbo loans are also more expensive to acquire. For example, closing costs and origination fees are...
What is a jumbo loan? A jumbo loan is a mortgage used to finance properties that are too... Jumbo loans are considered riskier for lenders because these loans can’t be guaranteed by...
How jumbo loans work For most people looking to buy a house, a conventional loan or a government-backed mortgage, such as FHA or VA, is common. But for those who are buying a property that extends...
IN THIS ARTICLE: Getting a jumbo mortgage is easier than you might think. This guide will help you understand what a jumbo loan is and whether it's right for your financial profile. Another name for a jumbo mortgage is a non-conforming mortgage. This is a loan a lender makes you that doesn't 'conform' to the guidelines of Fannie Mae and Freddie Mac. Created by Congress in 1938 and 1970 respectively, Fannie Mae and Freddie Mac provide stability and affordability to the mortgage market by buying 'conforming' mortgages from lenders, which gives le ...
Jumbo loans are mortgages that surpass the limits set by the Federal Housing Finance Agency
A jumbo loan is a mortgage that exceeds the conforming loan limit set by the federal government. These loans—meant to finance expensive properties—cannot be purchased or securitized by the government-backed entities Fannie Mae or Freddie Mac, which increases a lender’s risk because it will have to hold onto the loan for longer. You’ll pay more for a jumbo mortgage than a conventional home loan, and you’ll have to meet tougher qualification guidelines. The conforming loan limit is adjus...
No PMI · Regardless of your down payment amount on a non-conforming mortgage. ; Low down payment · Put as little as 10% down on a jumbo mortgage loan. ; Dedicated Mortgage Loan Officers. Consult one of our dedicated MLOs who can guide you through the loan process.
A jumbo loan could help you buy a home in a hot or pricey area, but be prepared to meet stricter borrowing criteria compared with conforming loans.
How are jumbo loans different from conventional loans? Basically, they let you borrow a bigger amount, but have higher qualifications too.
Jumbo loans are issued when the amount you're borrowing exceeds the borrowing limits set for conforming loans. Explore the requirements for jumbo loans.