A jumbo loan is a loan that exceeds the loan amount limit set by government agencies Fannie Mae and Freddie Mac. As of 2010, the limit is set at $417,000 for the majority of the US, apart from Alaska, Hawaii, Guam, and the U.S. Virgin Islands, in which the limit is $625,500. The interest rates tend to be slightly higher on jumbo loans because the lenders take on more risk.
- The ability to finance up to $2.5 million.
- The convenience of only having one mortgage
- Getting the amount of money you need
We’ll help you see the differences in loan programs and ultimately find the mortgage product that is going to best fit your financial needs.