Jumbo Loans
Big homes and big markets
Whether the home is big or just in a high priced location, the Jumbo loan may fit your needs.
Also called Non-conforming loans, they exceed the conforming loan limit of $766,550. Some counties may vary in conforming loan limits, so I will work with you to let you know if your loan amount fits into the limits, or if a Jumbo loan will work for you.
Because there is an increased risk for the lender associated with higher loan amounts, the Jumbo loan interest rates tend to be slightly higher than their counterpart, the Conforming loan. These loans are not sold on the secondary market and therefore do not follow the same rules as the main investors, Fannie Mae and Freddie Mac.
Some things to know
- Jumbo loans are available in a variety of fixed and adjustable rate terms.
- Typically have higher down payment and cash reserve requirements.
- For loans above the conforming loan limit up to $3 million.
If your loan amount is slightly higher than the conforming loan limit and you don’t quite qualify for the Jumbo, I can work with you for custom designed solution to fit your needs. Let’s work together, Contact us today for a free consultation.
Rhonda is an extremely professional and efficient agent, very pleasant and easy to business with. She communicates very efficiently so you are aware of the status of your project at all times.