WHAT IS A JUMBO LOAN?
A Jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA).
Unlike conventional mortgages, a jumbo loan is not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac. Conventional loan limits are subject to change annually and vary from county to county.
BENEFITS OF A JUMBO LOAN
The main benefit of a Jumbo loan is the ability to borrow more than you could with a conventional mortgage.
This allows buyers to get into a home they otherwise wouldn’t be able to.
The standard Jumbo loan provides loan amounts up to $5,000,000 and require a 20% Down Payment.
The Jumbo 95 program allows only a 5% Down Payment with a maximum loan amount of $1,500,000.
Jumbo loans are available for Primary Residence, Second Homes, and Investments for these property types: