Jumbo Loans – When You Need a Loan Above the Conforming Limit
You’re ready to buy a home but live in one of the nation’s priciest housing markets. Inventory is low. Demand is high. And homes routinely cost over $1 million.
Get on the phone and talk to a lender about taking on a jumbo mortgage.
A type of non-conforming loan, jumbos in most housing markets can buy you a home worth more than $647,200 — the limit for “conforming loans” supported by mortgage giants Fannie Mae and Freddie Mac. Non-conforming loans are any that exceed that funding limit.
In some high-priced markets, the minimum financing threshold starts at $822,375.
