Jumbo loans exceed the maximum loan amount offered by Fannie Mae and Freddie Mac. Most area’s range from $647,200 and up, and are available as fixed rate loans or adjustable rate loans.
Jumbo loans enable the purchase or refinance of higher valued home or condominiums (primary or 2nd home) and are attractive to buyers that want to leverage assets.
Many people initially consider making a large down payment to reach the conforming loan limits however:
Any home loan for amounts higher than $647,200.
New downpayment options now as low as 3.5%.
LTV NOW between 80.01-96.5% on Loan amounts up to $1.5M.
For more information on Jumbo Loans, chat with us or give us a call!