A Jumbo Loan refers to the size of the loan. It is a mortgage with a loan amount above the conventional loan limits. When a loan amount is greater than this limit, it is referred to as a Jumbo loan. Jumbo loan limits also vary by county. This mortgage is needed for loan amounts over the conforming loan limit of $453,100 and $679,650 in high-cost areas.
Advantages of a Jumbo
- We lend up to 89.9% loan-to-value with no mortgage insurance