Have your heart set on that big dream house? It may require a big mortgage, too—more than the established conforming loans limits set by the Federal Housing Finance Agency (FHFA). When you borrow a home loan above and beyond the conforming loan limits you will need a jumbo loan. If you are looking to purchase or refinance a high-balanced or luxury home, Certainty Home Loans offers Jumbo home loans options for you. They allow you to borrow above the Fannie Mae and Freddie Mac “conforming” home loan limit for a single-family home. The underwriting process is similar to a conforming loan, but there are some differences, such as slightly higher interest rates and down payments.
What’s your conforming limit?
Every county in the U.S. has its own conforming loan limits. Loan limits can change each year and are set each January 1st. In 2017 they can range anywhere from $424,100 for much of the U.S. to $636,150 for some areas in Colorado and Virginia. Click here to view the limits in your area.