Jumbo Loans
Jumbo/Nonconforming
A jumbo loan is a nonconforming loan that does not meet Fannie Mae or Freddie Mac guidelines because of the higher loan amount. Typically, interest rates and down payments for a jumbo loan will be higher than a standard conforming loan. Jumbo loans were designed to help high-income individuals afford luxury homes or smaller homes in highly desirable areas. Jumbo loans are those that exceed the standard conforming loan amount of $424,100.
- 30-year, 25-year, 20-year, 15-year, and 10-year terms available
- Adjustable rate mortgages allowed
- Single Family and 2-4 units acceptable
- Second Homes and Investment properties approved
- Larger down payments required
- Stricter credit requirements
- 4 years post-bankruptcy
- 7 years post-foreclosure
- Seller concessions allowed based on down payment
- Loan Amounts in excess of $424,100 and up to $2 million
- Purchase or Refinance