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Jumbo Home Mortgage Loans

Homebuying 2 min read

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If you are thinking of buying a home with a higher property value and can handle larger monthly mortgage payments, a jumbo loan could be a suitable option for you. Jumbo loans are typically offered with the same options as conventional loans, and you may even be able to add extra features, such as interest-only payments or temporary buydowns.

What Is a Jumbo Mortgage Loan?

A jumbo home mortgage, or non-conforming, loan is any mortgage amount that exceeds the conforming loan limit set by the Federal Housing Finance Agency. Because jumbo loans cannot be issued by Fannie Mae or Freddie Mac, they often carry more credit risk and have slightly higher interest rates than other loan options.

The current conforming loan limit is set at $510,400 for a one-unit property in the contiguous United States (including D.C. and Puerto Rico). So, if you want to buy a house for more than $510,400, your loan will be considered jumbo.

Jumbo loan limits also vary depending on location of property and number of units on it. In Alaska, Guam, Hawaii, and the U.S. Virgin Islands, jumbo loan limits are higher.

Things to Consider:

  • Interest rates are usually slightly higher with jumbo mortgage loans than on conforming loans with lower amounts.
  • If you choose the interest-only option, you cannot build equity through monthly payments without making voluntary principal payments during the interest-only period.

Jumbo Loans from First Bank:

First Bank offers jumbo loans in a variety of fixed-rate and adjustable-rate options. To learn more about our Jumbo Loans or any of our other home mortgage options, visit your local First Bank branch to speak with a mortgage specialist.

Loans subject to credit approval.

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Sources:

Jumbo Mortgages: Definition, Rates and Loan Limits

http://www.investopedia.com/terms/j/jumboloan.asp
https://localfirstbank.com/mortgage/loans-programs/jumbo-loans/

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