A jumbo mortgage is any single loan amount over the conforming loan limit which is currently, in a non-high cost area, $453,100 for a one-unit property in most of the United States.
• allows the purchase of a more expensive home
• no private mortgage insurance (PMI) is required with a 20% down payment
• interest on loans up to $1 million may be tax deductible. Check with your tax consultant.
For borrowers looking to purchase or refinance a home with a mortgage amount that is greater than $453,100 (in a non-high cost area). Contact one of our licensed loan officers today to apply!