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.
Fill out the form below and a mortgage professional will get back to you shortly.
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:
to guide you through the process.
Given the amount of money that is involved in a jumbo loan, you can trust our team to guide you in the right direction.
get startedConsidering 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.
Just like every rose has its thorn, self-employment comes with its share of potential drawbacks. This becomes particularly obvious when you set out to get…
A significant number of Americans became first-time homeowners during the last couple of years because of historically low mortgage rates. High demand coupled with relatively…
Not everyone who can afford to buy a home qualifies for a traditional mortgage. Fortunately, there are alternative ways to own a home, one of which involves…