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Jumbo Loans

Jumbo loans or jumbo mortgages are so-called ‘non-conforming mortgages’. Тhis is because they do not conform to the standards set by the two government-sponsored agencies Fannie Mae and Freddie Mac, which set the limit on the maximum amount of any individual mortgage they will purchase from a lender. Jumbo loans exceed this limit.

Jumbo loans carry a higher risk for lenders than conforming loans. If a jumbo loan defaults, it will be harder to sell the real-estate (which is usually of higher value). Because of this, jumbo loan lenders require higher down payment and charge a higher interest rates.

The main benefit is that with jumbo loans, larger, more expensive homes are available. It is advisable, however, to consult a mortgage broker that is specialized in jumbo loans.