A jumbo mortgage is a type of loan used to buy large and expensive properties that don’t qualify for conventional loans. In most counties, the maximum conforming loan amount is $548,250. You’ll need a jumbo loan if the house you’re financing exceeds this limit.
Jumbo loans are also known as non-conforming conventional mortgages because they’re riskier for lenders. This is because these loans can’t be guaranteed by Fannie and Freddie, meaning that the lender isn’t paid by the guarantee funds if a borrower defaults. Jumbo loans typically come with a fixed interest rate or an adjustable rate, and they might have a variety of terms.
FAX: 1-866-599-1434 | Toll free: 866-499-3134
300 A N CENTRAL AVE, VALLEY STREAM NY 11580
info@statecapitalgroupcorp.com
516-881-7784
Company NMLS #1953154
State Capital Group Corp. guides customers through the entire mortgage loan process. They start by meeting with you and learning about your wants and needs, then they find a lender that’s perfect for you before shooting over to closing.
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