A Jumbo home mortgage is a mortgage for an amount that exceeds conforming loan limits that are set by regulation effecting most conventional loans. The conforming loan limit is currently $647,200 for a single family residence. Jumbo loans are available up to $7 million and higher depending upon the investor.
Key Features of Jumbo Loans
Loan amounts available above restricted conforming limits
Eligible for Primary, Second Homes and Investment Properties
Fixed rate and ARM loan types available
Credit scores as low as 680 for eligible borrowers