A jumbo loan is a loan that exceeds the conforming loan limits as set by Fannie Mae and Freddie Mac. As of 2019, the limit is $484,350 for most of the US, apart from Alaska, Hawaii, Guam, and the U.S. Virgin Islands, where the limit is $726,525. Rates may be a bit higher on jumbo loans because lenders generally have a higher risk.
Why consider a jumbo loan?
There are many benefits to jumbo loans. One of the biggest benefits is that financing options are available up to $3,000,000. This may provide convenience to many borrowers.
Loan programs may change at any time with or without notice. Information deemed reliable but not guaranteed. All loans subject to income verification, credit approval and property appraisal. Not a commitment to lend.
On Point Home Loans, Inc.
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