How Much Is A Jumbo Mortgage Loan

What is a jumbo loan and how much is needed?

Need help with home loan payments? A loan is considered jumbo if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac — currently $548,250 for a single-family home in all states (except Hawaii and Alaska and a few federally designated high-cost markets, where the limit is $822,375).

What is considered a jumbo loan for Fannie Mae?

About jumbo loans. A loan is considered jumbo if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac — currently $453,100 for a single-family home in all states (except Hawaii and Alaska and a few federally designated high-cost markets, where the limit is $679,650).

What are the different types of jumbo mortgages?

Jumbo mortgages are available for primary residences, second or vacation homes and investment properties, and are also available in a variety of terms, including fixed-rate and adjustable-rate loans.

What is a jumbo loan in California?

A jumbo loan in certain parts of California could be a $1 million loan, for example, while one in Virginia could be $750,000, notes Mat Ishbia, president and CEO of United Wholesale Mortgage in Pontiac, Michigan. What are typical jumbo loan requirements? Jumbo loans have different requirements compared to conforming loans.

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