A Jumbo loan, or non-conforming mortgage, is a private loan that doesn’t conform to the guidelines set by Fannie Mae and Freddie Mac by exceeding the total loan limit for the area that you are buying in. You’ll need to check your specific location to see what the local limits are, or speak with a Loan Originator to find out if you need this special financing option.
Borrowers who are looking to buy a higher-priced home (more than $453,100 in most parts of the country).
Borrowers with very good credit, a large down payment, and low debt-to-income ratio.
Borrowers with substantial additional cash reserves.
Fixed-rate: You’ll have the same interest rate and monthly payment for the entire repayment term, even long-term financing options such as a 30-year loan.
Adjustable-rate (ARMs): You’ll start off with a lower interest rate than the fixed-rate loan, but it will be adjusted from time to time, causing monthly payments and interest to change over time.
If you need to borrow more than $453,100 (in most parts of the country), a jumbo loan can allow you to finance this non-conforming loan amount. While most borrowers will make a large down payment, you may be able to get a jumbo loan with as little as 5% down.
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