A jumbo mortgage is a loan larger than the standard limits. Most loans are bought up by the government mortgage agencies Fannie Mae and Freddie Mac. They will not purchase loans that exceed their set limits. Since government agencies do not purchase these jumbo loans the risk falls on the lender.
If you are looking at a mortgage above $417,000 you will likely be looking at a jumbo loan, the exception would be if you live in high cost area then a jumbo loan is anything above $729,750.
To get started with your jumbo loan schedule a phone appointment today.
