Jumbo Loans

Jumbo Loans

Most loans are eventually backed by either Fannie Mae or Freddie Mac. These are large government sponsored organizations that purchase the loans from originators. They do have a max loan amount they will purchase and that changes every year.

Since these loans are not backed by Fannie or Freddie they typically have a slightly higher interest rate and also require more of a down payment. This minimum down is currently 10%.

To know what the current loan limits are and thus where jumbo loans begin go to this link https://www.fanniemae.com/singlefamily/loan-limits

  • 10% minimum down payment required on purchase

  • LPMI options

  • Loan amounts over $424,100 for most counties

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