What is a Jumbo Loan?
A Jumbo Mortgage Loan is a non-conforming loan that exceeds $484,350 (2019). These loans can have fixed or adjustable rates. A jumbo mortgage loan will usually require a higher down payment and may have a higher interest rate than conventional mortgage loans. Due to the higher loan amounts, documentation and underwriting requirements are more involved than other mortgage loan requirements.
Jumbo loans are often used to purchase luxury homes and vacation properties. If you are considering a purchase that will require a mortgage over $453,000 we can help you find the perfect loan option to meet your personal financial needs.