Jumbo Loan
A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. Homes that exceed the local conforming loan limit require a jumbo loan.
What is a Jumbo Loan?
A jumbo loan (or jumbo mortgage) is a type of financing where the loan amount is higher than the conforming loan limits set by the Federal Housing Finance Agency (FHFA). The 2021 loan limit on conforming loans is $548,250 in most areas and $822,375 in high-cost areas.
Advantages
- The main advantage of a jumbo loan is that it allows the borrower to buy a property that they would not be able to if they limited themselves to conforming loans. This can allow people to buy larger homes than they otherwise would or to buy in a highly competitive market.
What is the benefit of a jumbo loan?
More Money. The number one benefit of a jumbo loan is the opportunity to get more loan money to purchase a high-quality property. Low down payments. Unlike many conventional mortgages, jumbo mortgage loans come with low down payments.
What is the difference between a jumbo loan and a conventional loan?
A jumbo home loan is a mortgage that exceeds the maximum conforming loan amounts. In other words, it's a loan that exceeds $510,400 in most areas of the U.S.
Do jumbo loans cost more?
Jumbo Loans Tend to Be More Expensive
And that means mortgage rates on jumbo loans will be higher – how much higher depends on the market.
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Fixed Rate Mortgage Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special or a unique service that you offer.
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Adjustable Rate Mortgage: (ARM) Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special or a unique service that you offer.
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Jumbo Loan Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special or a unique service that you offer.
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FHA Loan Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special or a unique service that you offer.
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FHA 203K Renovation Loan Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special, or a unique service that you offer.
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VA Home Loan Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special, or a unique service that you offer.
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With Lender Paid or Borrower Paid MI (mortgage insurance) Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special, or a unique service that you offer.
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Our Main Office is located in Connecticut at
3333 Main Street, Stratford, CT 06614
203-908-3428
Our Florida Branch Office is located at
800 Village Square Crossing
Suite 116, Palm Beach Gardens, FL 33410
Florida Branch NMLS Number: 1598882
Florida Branch Licensed in Florida and Connecticut
FLORIDA: 203-952-5057
First Choice Mortgage, LLC is a licensed mortgage broker, Connecticut Department of Banking, NOT A LENDER NOR A CORRESPONDENT MORTAGE LENDER. ( MB-70986); Licensed mortgage broker, Florida Office of Financial Regulation (MBR1895), New Hampshire Banking Department (22433-MBR), Vermont Department of Financial Regulation (1363 MB). Verify our licenses at www.NMLSCONSUMERACCESS.ORG by entering NMLS No. 70986;
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