As we stated on our Conforming Loan Center page, a conforming loan conforms to GSE guidelines. However, a jumbo mortgageA jumbo loan is a mortgage in an amount above the conventional conforming loan limits. is a mortgage in an amount above the conventional conforming loan limits. Jumbo mortgages are not eligible to be purchased, guaranteed or securitized by Fannie Mae or Freddie Mac.
These large mortgages are a higher risk. As such, they usually require a higher down payment from jumbo loan applicants and they generally carry rates that are slightly higher than a conforming loan.
If you are seeking a jumbo mortgage, please call us and let us help you understand this complex application process.
Apply now or call us today at 877-451-3100.