Jumbo/Non Conforming

A jumbo loan is a non conforming loan that does not meet Fannie Mae or Freddie Mac guidelines because of the higher loan amount.  Typically interest rates and down payments for a Jumbo loan will be higher than a standard conforming loan.  Jumbo loans were designed to help high income individuals afford luxury homes or smaller homes in highly desirable areas.  Jumbo loans are those that exceed the standard conforming loan amount of $417,000.

• Terms Available: 30-year, 25-year, 20-year, 15-year, 10-year

• Adjustable rate mortgages allowed

• Single Family and 2-4 units allowed

• Second Homes and Investment properties allowed

• Larger down payments required

• More strict credit requirements

• 4 years post bankruptcy

• 4 years post foreclosure

• Seller concessions allowed based on down payment

• Loan Amounts in excess of $417,000

• Purchase or Refinance