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 2018, the maximum limit for a single-family home in most parts of the country was set at $453,100.
Loans between $453,100 through $679,650 are considered a high-balance loan. Loan amounts above this are now considered jumbo loans and you may secure financing up to $2 million.
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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:
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Given the amount of money that is involved in a jumbo loan, you can trust our experts to guide you in the right direction.get started
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