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A jumbo loan is a loan that exceeds the conforming loan limits as set by Fannie Mae and Freddie Mac (UNLESS YOU QUALIFY FOR A VA LOAN…which offers much better jumbo terms than traditional jumbo loans - and as of 1/2023, allows for loan amount of up to $4,000,000 with no down payment required and government subsidized pricing).
Back to traditional Jumbo financing…As of 2023, the conforming conventional loan limit is $726,200 for most of the US. For "high cost" areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit, the applicable loan limit will be $1,089,300 (150 percent of the baseline limit of $726,200). Special statutory provisions establish different loan limits for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. In these areas, the baseline loan limit will also be $1,089,300 for one-unit properties. If you're not sure whether you're in a "high cost" area, you can check out this great map provided by the agency that sets the limits each year - or contact us and we'll be happy to clarify your options for you.
We're here to make the jumbo home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE Jumbo Loan Qualifier.
We'll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you're a first-time home buyer or a seasoned investor.
Heres how our home loan process works:
There are many benefits, including: financing available up to several million dollars; the convenience of one loan for the entire loan amount instead of having multiple mortgages; competitive pricing and more.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below:
