Are you looking to buy a luxury property or a home in an area of the country that commands higher prices? A jumbo loan is the type of mortgage you’ll need if the amount you’re borrowing exceeds the limit for a conforming loan. Let us find the right jumbo loan for you!
What is the difference between a jumbo and conforming loan?
A jumbo loan is the type of home loan you’ll need if the amount you’re borrowing to buy a home exceeds the limit for a conventional conforming loan. The Federal Housing Finance Agency (FHFA) determines the limit; currently it is $647,200 for a single-family home in most areas of the country and up to $970,800 for high-cost areas where single-family home prices tend to be above average. For specific questions related to your loan, please contact your HFG Licensed Mortgage Professional.
Are rates on jumbo mortgages higher than other types of loans?
Mortgage interest rates depend on a variety of factors, including market conditions and your specific borrowing and financial situation. For specific questions related to jumbo loan, please contact your HFG Licensed Mortgage Professional.
Do jumbo loans have PMI (Private Mortgage Insurance)?
Most of our jumbo loan programs do NOT require mortgage insurance with less than 20 percent down, although there are exceptions. Most of these programs are “self-insured” and do not require the same mortgage insurance that a conventional conforming loan does.