Jumbo Loans/Non Conforming
Loan
If you need to borrow more than $359,650, then
a jumbo loan might be right for you.
A jumbo loan is also called a non-conforming loan
because it does not conform to the loan limits
set by Fannie Mae (The Federal National Mortgage
Association or FNMA) or Freddie Mac (The Federal
Home Loan Mortgage Corp. or FHMLC). These are
the two government-sponsored enterprises that
help facilitate the availability of home loans
by investing throughout the country. Non-conforming
loans typically have a higher interest rate and
different down payment requirements.
Choose a Jumbo loan if you:
- Want to finance larger and/or more expensive
properties and can handle larger monthly
payments
- Are an investment-minded buyer who wants
to leverage your assets more effectively
- 100% financing or no down payment programs
are available
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What You Need to Know
Contact a Mortgage
Loan Officer to go over any questions you
may have or call our Mortgage Call Center at 1-888-993-8754.
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