What is a Jumbo Loan?
A Jumbo loan, also known as a Jumbo Mortgage, is any loan amount greater than the conforming loan limit which is currently at $453,100. Certain areas are deemed high-cost areas and the conforming loan limit is $679,650. The conforming loan limits are set by Fannie Mae and Freddie Mac so amounts exceeding these limits require a Jumbo Mortgage.
Is a Jumbo Loan Right For Me?
If you need to borrow more than the above-stated confirming loan limits then yes, a Jumbo loan is the way to go for you.
- 30 year & 15 year loans
- Low fixed rates
- ARM loan options available
- ≥680 credit scores ok
- Finance up to 85% loan-to-value
- Maximum loan amount of $2,500,000 for primary and secondary homes, $1,000,000 for investment properties
How Do I Get a Jumbo Loan?
Once you have decided a Jumbo loan will fit you best, contact us and speak with a Carrington loan officer.