The highest loan amount for a “regular loan” is often called the conforming loan limit, and is announced by Freddie Mac and Fannie Mae each January. This year again, the conforming loan limit announced by both Fannie and Freddie for single family residences was $417,000. Any loan that is above this loan amount is considered a jumbo loan. With Jumbo Loan you have 10, 15, 20 or 30 year terms to choose from and generally speaking, jumbo loans programs can either be fixed or adjustable and may have an interest-only option available.
The jumbo loans will typically have a slightly higher interest rate than a conforming loan. But as we compare a jumbo loan with a conforming loan, you will find the jumbo loan products can offer a wider range of flexibility when it comes to payment options the borrower may want. I will analyze your current financial situation and understand what you are trying to accomplish financially for the future, and then secure you the best jumbo loan program available. Some of my borrowers have decided to “pay down” their mortgage balance so it fits into today’s conforming loan pricing and guidelines at incredibly low rates.
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