A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $548,250 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.
Also called non-conforming conventional mortgages, jumbo loans are considered riskier for lenders because these loans can’t be guaranteed by Fannie and Freddie, meaning the lender is not protected from losses if a borrower defaults. Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.
It is our mission to educate our clients, through a simple process, giving them the peace of mind to enjoy a home that they can afford.
Company NMLS #: 2162073
Compnay DRE #: 02145860
www.nmlsconsumeraccess.org
420 Bullard Ave. Suite 4
Clovis, CA 93612
Phone: (209) 209-4575
mike@healthylendingco.com
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