Jumbo Loans

A jumbo loan has a loan amount that exceeds the Fannie Mae conforming and high balance loan limits.
A jumbo loan covers residential purchases and refinances for single-family, co-op, and condo loans.

Jumbo vs. Conforming Loan

A jumbo loan is a loan that is larger in size compared to a conforming loan, and inherently, is riskier to mortgage lenders. Jumbo loans often require a higher down payment and a higher credit score than conforming loans. A conforming loan follows the guidelines set by Fannie Mae and Freddie Mac.

Helpful Resource: Use our monthly mortgage payment calculator to find out what you can afford!

Jumbo Loan Limits 

As of January 1, 2019, the conforming loan limits have increased to $484,350 and the high balance loam limits up to $726,525 in high-cost areas. Thus, jumbo loans have a loan amount greater than $726,525. A high balance loan amount is between $484,250 and $726,525. Whether you are looking for a fixed-rate mortgage or an adjustable-rate mortgage, GuardHill Financial is well equipped to professionally assist you with your conforming, high balance, and jumbo loans.

We are jumbo mortgage experts. Get in touch with one of our seasoned loan officers to discuss your financial situation and see if a jumbo mortgage is right for you.

Pros of Jumbo Loans

  • Not restricted by limitations of Fannie Mae/Freddie Mac guidelines
  • Larger loan amount for a larger mortgage
  • Interest rates for jumbo loans may be potentially lower than standard conforming loans
  • Jumbo loans, unlike conforming loans, typically do not require private mortgage insurance at any level.

Cons of Jumbo Loans

  • Usually more difficult to qualify for – Jumbo loans have an increased risk associated with them, so jumbo mortgage lenders have stricter guidelines when qualifying applicants. To obtain a jumbo loan, you will often need a higher FICO score than usual, a lower DTI and higher than usual reserves and assets.
  • The property you are buying may require a second appraisal, which may cost you a small fee
  • Potentially higher down payment

Interest Rates for Jumbo Loans

Interest rates for jumbo loans may be potentially lower than standard conforming loans. Mortgage Money Lending has a network of over 50 investors and lenders, which allows us to match your financial profile with the lowest possible interest rates for jumbo loans.