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A jumbo loan is a loan that exceeds the conforming loan limit as set by Fannie Mae and Freddie Mac. As of 2024, the limit for every state in the southeastern US is $766,550. That doesn't mean you can't purchase a home above that price point but it does mean that you cannot get a conforming loan for more than that amount. You would need to have a down payment covering the difference in that loan amount and your purchase price or consider some secondary financing. If you find yourself in a situation like that, we'll help you determine what your best and least expensive course of action is going to be. Nonetheless, interest rates tend to be a bit higher on jumbo loans because lenders generally have a higher risk. That's why it's extremely important to work with a true mortgage broker like Allen Mortgage so that we can shop around for a lower interest rate on your behalf.
We’re here to make the Jumbo home loan process a whole lot easier with tools and expertise that will help guide you along the way. It starts with our FREE Jumbo Loan Qualifier.
We'll help you clearly see and understand the differences between loan programs and to give you the information necessary to choose the right one for you.
There are many benefits, including: financing available up to $4 million; the convenience of one loan for the entire loan amount instead of having multiple mortgages; competitive pricing and more.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below:
