Any loan that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac is called a “jumbo” loan. Because they are larger than either agency has authority to purchase, they must be sold to other private investors. Jumbo loans usually have a higher rate of interest, may require a larger down payment, and vary in qualifying ratios and other underwriting criteria.
These loans are ideal for those looking to buy a high-priced property that could not otherwise be funded.
To learn more about jumbo loans and how to qualify, reach out to one of our Loan Officers.