Jumbo Loans are loans used for purchase or refinance that are not government backed or conform to Fannie Mae or Freddie Mac guidelines. The guidelines for these loans are variable and established by the private institutions offering the loan product. Jumbo loans typically have a down payment requirements as low as 10%.
Jumbo Loan Amounts
Jumbo Loans are for any amount $1 over the nationwide loan limits established by Fannie Mae and Freddie Mac of $424,100