When you need a loan above the conforming limit, a Jumbo loan may be the answer.
If you’re prepared to make a home purchase in one of the country’s most expensive housing markets, you likely encounter a combination of factors including limited housing supply, soaring demand, and frequently encountered prices exceeding the $1 million mark.
Jumbo loans, which fall under the category of non-conforming loans, provide an opportunity in many housing markets to purchase a home valued above the “conforming loan” limit of $647,200, which is set by Fannie Mae and Freddie Mac. Non-conforming loans encompass any loan that surpasses this funding threshold.
In certain high-priced markets, the minimum financing requirement begins at $822,375, reflecting the elevated property values in those specific areas.
If you’re looking for home in a high-priced area, contact us to discuss Jumbo loan options today!