Jumbo Loans

HOW IT WORKS

• Jumbo mortgages are a type of non-conforming loan. That means they do not conform to the underwriting guidelines set forth by the government-sponsored enterprises Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation).

• Jumbo mortgages are available for borrowers when they are looking at homes requiring a mortgage exceeding $548,250 or $822,375 (in high-priced counties) for a single-family home. Multi-unit properties may have different limits.

• While these loans are typically for high-income borrowers, how much you can borrow ultimately depends on your assets, your credit score, income, and the value of the property you're interested in buying.

• Qualifications for a jumbo loan can sometimes be more stringent than a conforming loan and will require more extensive documentation to qualify.