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.
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 experts to guide you in the right direction.get started
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.
Data suggests that there is a significant increase in the number of American homeowners who are downsizing their homes. Statistics released by the National Association…
Fall is typically not a popular time to buy a home. With several people expecting bonuses in the New Year - and with the holidays…
According to the United States Census Bureau, millennials, those born between the early 1980s and early 2000s, now make up for the country’s largest living demographic.…