What is a Jumbo Home Loans?
A Jumbo Loan or Jumbo Mortgage is a loan that may have high credit quality, but is in an amount above conventional conforming loan limits. This standard is set by the two government-sponsored enterprises, Fannie Mae and Freddie Mac, and sets the limit on the maximum value of any individual mortgage they will purchase from a lender.
- Up to 95% financing
- Up to 90% financing with NO MI
- Cashout loans available
- Reduced doc available
Traditionally, the interest rates on jumbo mortgages are higher than for conforming mortgages, however with GSE fees increasing, Jumbo loans have recently seen lower interest rates than conforming loans.