EXCEEDS SET LIMITS
Jumbo loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. They are typically used to buy more expensive homes and high-end custom construction homes.
Finding the Right Fit
Loan limits are reviewed annually and sometimes adjusted to align with the market. Loan limits differ per state and county.
If you require financing for an amount that exceeds the set limits, then a Jumbo loan could be a good solution.
Jumbo loans are non-conforming loans and are typically for borrowers interested in purchasing luxury homes in high-cost areas.
A good candidate for Jumbo is someone with a good credit score, low debt to income ratio, and available cash.
Jumbo loans can also be an excellent option for refinancing.
Both rate and term and cash-out refinance options are available with several Jumbo loans programs to choose from, such as fixed rates, adjustable-rate (ARM), 30-year terms, and 15 years terms.