A jumbo, or non-conforming, loan provides financing for loan amounts higher than the maximum conforming limits set by Fannie Mae and Freddie Mac. It may be a good choice if you have a higher property value and can manage larger monthly mortgage payments. Jumbo loans are available for purchase and refinance loans and are available in a variety of fixed-rate and adjustable-rate loan options.
- You can obtain financing for loan amounts up to $2 million
- Provides the convenience of one loan for the entire loan amount and the choice of a variety of loan options
- The loan eligibility criteria for jumbo or non-conforming loans is typically more restrictive than that for conventional conforming loans