In the United States, a jumbo mortgage is a mortgage loan that may have high credit quality, but is in an amount above conventional conforming loan limits. This standard is set by the two government-sponsored enterprises , Fannie Mae and Freddie Mac , and sets the limit on the maximum value of any individual mortgage they will purchase from a lender.
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Jumbo home prices can be more subjective and not as easily sold to a mainstream borrower, therefore many lenders may require two appraisals on a jumbo mortgage loan. Costs [ edit ] The interest rate charged on jumbo mortgage loans is generally higher than a loan that is conforming, due to the higher risk to the lender.
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A jumbo loan is one way to buy a high-priced or luxury home. borrowers are required to have a low debt-to-income ratio and a high credit score. The limit on conforming loans is $484,350 in most areas of the country, but jumbo mortgages can exceed these limits.
Jumbo loans (also called non-conforming mortgages) are not only used to finance luxury properties, but they also play a vital role in expanding homeownership to people who live in high-cost housing markets where prices are above the national average.
Loans above this limit are known as jumbo loans. The national conforming loan limit for mortgages that finance single-family one-unit properties increased from $33,000 in the early 1970s to $417,000 for 2006-2008, with limits 50 percent higher for four statutorily-designated high cost areas: Alaska, Hawaii, Guam, and the U.S. Virgin Islands.
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