Jumbo Financing
Jumbo financing is perfect for:
Borrowers With Good or Excellent Credit
Borrowers Who Are Able to Put 3% Down
What Is JumboFinancing?
A Jumbo loan, also known as a non-conforming mortgage, is a type of home loan used to finance properties that exceed the conforming loan limits set by Fannie Mae and Freddie Mac—the two government-sponsored enterprises that regulate most conventional mortgages in the U.S.
What Makes a Loan “Jumbo”?
Each year, the Federal Housing Finance Agency (FHFA) sets maximum loan limits for conforming mortgages based on local housing prices.
If the amount you need to borrow exceeds these limits, your loan is considered non-conforming, and you’ll need Jumbo financing.
These limits vary by location—especially in high-cost areas—so it’s important to check the specific limit for the county where you’re buying.
Types of Jumbo financing:
Fixed-Rate
A fixed-rate mortgage is a type of home loan where the interest rate remains constant throughout the entire term of the loan. This means:
Your monthly principal and interest payments will never change, regardless of fluctuations in the broader economy or interest rate markets.
Even if national interest rates rise or fall, your rate is “locked in” from the beginning.
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Adjustable-Rate (ARMs)
An adjustable-rate mortgage (ARM) is a type of home loan where the interest rate is not fixed for the entire term. Instead, it starts with a lower introductory rate for a set period, and then the rate adjusts periodically based on market conditions