Jumbo loans are loans above the conforming limits, usually $417,000, but that may be higher if you live in a high cost area as defined by Fannie Mae. Fannie Mae loan limits can be accessed here. Jumbo loans are available in a variety of fixed rate and adjustable rate options. You could also choose more options such as interest only payments and buy downs. Most Jumbo lenders will go to $2 million and may offer down payments as low as 10% down, depending on you locale. If you’re looking for low Jumbo Mortgage Rates from competent lenders in your area, your search begins here!
How does a Jumbo Loan work? Jumbo loans allow you to buy a luxury home, even a home for investment or vacation. Interest rates on Jumbo Mortgages are usually slightly higher than on conforming loans with lower loan amounts. Down payments are generally greater and the underwriting requirements are more strict than conforming loans. But Jumbo loans are again very prevalent in the marketplace.