A jumbo mortgage is mortgage loans above conventional conforming loan limits.
Fannie Mae and Freddie Mac generally set the standard limits on the maximum value of any individual mortgage they will purchase from a lender. When FNMA and FHLMC limits don’t cover the full loan amount, the loan is referred to as a “jumbo mortgage”.
The average interest rates are typically higher than for conforming mortgages. The limit on a conforming loan is $417,000 for most of the US Jumbo loans available up to $10 million.
Owner and Senior Loan Officer Mike Anderson is our current jumbo mortgage expert. Contact him for information on how to get the best deal for your jumbo loan.