Higher loan limit
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 $484,350. However, loan limits can go higher in some high-cost areas of the continental United States.
What makes a Jumbo Loan unique
Jumbo loans differ from conforming loans in a number of ways. First, they offer a larger amount of financing than a conforming loan. With this larger loan amount typically comes slightly higher interest rates than conforming loans for lower amounts.
Benefits of a Jumbo Loan
- Financing available up to $3 million
- No Mortgage Insurance on loan amounts up to $750,000
- The convenience of one loan for the entire loan amount instead of having multiple mortgages
- Competitive pricing
- 85% loan to value fixed rate option
- Quick turnaround with in-house underwriting