Loan Products
Jumbo loans, or jumbo mortgages, refer to home loans that exceed conforming loan limits as defined by the Federal Housing Finance Agency (FHFA). In addition, jumbo loans are not scrutinized or guaranteed by Freddie Mac or Fannie Mae.
Conforming loan limits set by the FHFA vary area-wise and may change each year. In 2021, the maximum limit for a single-family home in most parts of the country was set at $548,250.
Loans between $548,250 through $822,250 are considered a high-balance loan. Loan amounts above this are now considered jumbo loans and you may secure financing up to $3 million for qualified borrowers.
Lenders face more credit risk with jumbo loans, not only because of the large amount of money, but also because these loans are not guaranteed by Fannie Mae or Freddie Mac. As a result, you will need to meet more extensive requirements to qualify when compared to getting a conventional loan. Typically, you will need to meet these criteria:
Given the amount of money that is involved in a jumbo loan, you can trust our team to guide you in the right direction.
Considering homeownership but not sure where to begin?
The Meadowbrook Financial Mortgage Bankers Corp. guide
to home buying will make the process easy all in one packet.
Thank you for taking the time to fill out this form. We value your input and are excited to learn more about your needs and preferences.
"*" indicates required fields
A Meadowbrook mortgage representative will contact you within 24 to 48 hours.
Thank you for your patience.
"*" indicates required fields
