A jumbo loan is any home loan that exceeds a specific threshold called the conforming loan limit. Currently, the conforming loan limit for a single-family home is $417,000 in the lower 48 states. The average interest rate on jumbo mortgages is typically higher than for conforming mortgages and usually requires a larger down payment because these loans present a higher risk for lenders.
Jumbo loans are available in a variety of fixed-rate mortgage (FRM) and adjustable-rate mortgage (ARM) options. Also, with a jumbo loan, you may be able to add extra mortgage features, such as temporary buydowns.
- Loan amounts higher than Fannie Mae and Freddie Mac conforming limits
- Convenience of one loan for the entire loan amount instead of having multiple mortgages
- Choice of a variety of loan features
- Available in a variety of FRM and ARM options
Whether you need an FRM jumbo loan or an ARM jumbo loan depends on your personal situation and a variety of other criteria. Please contact me to learn more about jumbo loans and see which type and features of jumbo loans are suitable for your needs. I represent you, and not any specific bank or mortgage lender, so I have greater freedom to find you the best mortgage for your needs at the most competitive rates.