Jumbo Loans offer buyers and home owner’s loan limits greater than today’s conventional conforming loans. If you are seeking a loan amount that exceeds $417,000, then you need a jumbo mortgage loan. Each year, Fannie Mae and Freddie Mac set loan “maximums” so anything that exceeds these set amounts is considered a jumbo mortgage loan. Currently, loans greater than $417,000 are available through Conventional, FHA, VA and other programs. Jumbo mortgages generally have similar underwriting and documentation guidelines as their smaller counterparts and are offered through FHA, VA and Conventional Programs. This means that Jumbo Loans can be accomplished in the same time frame as other loan types.
Did you know that you could put as little as 3.5% down on your jumbo loan? FHA jumbo loans are currently available up to $729,750 (depending on your location) with a low 3.5% down payment requirement. Conforming Jumbo Loans (above $417,000) and VA Jumbo Loans are also available in many areas.