Jumbo Loan - Jumbo Mortgages

Upgrading Your Home?

A jumbo loan is a mortgage loan that is in an amount above conventional conforming loan limits. This standard is set by the two government-sponsored enterprises, Fannie Mae and Freddie Mac, and sets the limit on the maximum value of any individual mortgage they will purchase from a lender.

Fannie Mae (FNMA) and Freddie Mac (FHLMC) are large agencies that purchase the bulk of U.S. residential mortgages from banks and other lenders, allowing them to free up liquidity to lend more mortgages.

When FNMA and FHLMC limits don't cover the full loan amount, the loan is referred to as a "jumbo loan" or "jumbo mortgage." On October 1, 2011 the jumbo conforming limit was reduced to $625,500.

Jumbo Mortgages are home loans that exceed conforming loan limits and is one way to buy a luxury home. If you have a high credit score, a lower debt-to-income ratio, and a larger down payment, a jumbo loan may be right for you. The limit on conforming loans is $424,100 in most areas of the country, but jumbo mortgages can exceed these limits. Even so, if you’re considering a home in a high-cost area, you may still be able to obtain a conforming fixed-rate mortgage or adjustable-rate mortgage for up to $636,150. FHA loans have limits up to $729,750.


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*Self Employed Borrower(s) may be required to provide additional documentation such as tax returns and financial statements. Notice: Alimony, child support, or separate maintenance income need not be revealed if the Borrower(B) or Co- Borrower(C) does not choose to have it considered for repaying this loan.

*Income Before Taxes

*Including Alimony & Child Support


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