A jumbo loan, a type of non-conforming loan, is a home mortgage that allows financing for loan amounts that exceed the conforming maximum of $424,100 (depending on what area of the country you’re in, loan amount may vary). Since home prices for larger or luxury homes can often surpass this amount, this loan might be perfect for the house of your dreams.
When you need to borrow between $424,100 and $3,000,000 for a home purchase or refinance, a jumbo loan is a great strategy; however with the fluctuating market, jumbo home mortgage loans do call for stricter requirements than in years past. Working with your Mortgage Planner to compare this option to a 1st/2nd loan, a bridge loan, or other creative solutions will secure your success. Jumbo loan rates can be higher, lower, or the same as conforming loan amounts.
Highlights for the suite of Jumbo Products our team offers includes:
Do you want a creative partner in your Jumbo home buying experience? Call us today to get the process started!