Jumbo

Jumbo Mortgages

Jumbo Loans encompass any mortgage that lacks backing or insurance from the US Government and exceeds the loan balance defined by the Conforming Loan Limit established by Fannie Mae and Freddie Mac. Currently, the conforming limit stands at $548,250 for a Single-Family unit, with variations for Alaska and Hawaii.

Due to the larger loan amount, the inherent risk associated with these loans escalates, necessitating higher down payment requisites compared to other loan types as a risk mitigation measure. Jumbo loans might also carry a heightened interest rate in comparison to Conforming Loans structured in a similar manner.

Key benefits of the Jumbo Loan include:

Loan amounts reaching up to $3,000,000

Applicability to Purchase, Rate-Term, and Cash-Out Refinance scenarios

Eligibility for Primary Residences, Second Homes, or Investment Properties

Option to avoid Mortgage Insurance (MI)

Residency qualification available for US Citizens, Permanent Resident Aliens, and Non-Permanent Resident Aliens

Feel free to get in touch with us for further insights on Jumbo Loans.