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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.

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Standard Jumbo

The standard Jumbo loan provides loan amounts up to $5,000,000 and require a 20% Down Payment.

Jumbo 95

The Jumbo 95 program allows only a 5% Down Payment with a maximum loan amount of $1,500,000.

ELIGIBLE PROPERTIES

Jumbo loans are available for Primary Residence, Second Homes, and Investments for these property types:

  • Single Family – Attached and Detached
  • Townhomes
  • Condominiums
  • Modular and Manufactured
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