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Jumbo Loans
A type of mortgage that exceeds the conforming loan limits set as eligible for purchase by government-sponsored enterprises.
More Details
A jumbo loan is a type of mortgage loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). In most parts of the country, the conforming loan limit is $548,250 for a single-family home. In high-cost areas, the conforming loan limit may be higher.
Example
If the conforming loan limit in your area is $548,250 and you want to buy a home that is priced at $750,000 but are unable to make a down payment large enough to bring the loan amount below the conforming loan limit, you will need to apply for a jumbo loan to finance the purchase.
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