It’s a big one! Jumbo loans are designed to purchase more expensive homes. Each year, Fannie Mae, Freddie Mac, and their regulator, the Federal Housing Finance Agency (FHFA), set size limits for loans that they’ll buy from lenders. These agencies won’t buy Jumbo loans, so they need to be sold on the secondary market, and that often makes the cost of getting a Jumbo mortgage higher than the cost of a conforming mortgage.
Jumbo loan features:
Finance larger homes over the local conventional conforming limits
Get a loan that’s above the conforming limit of $484,350 and $726,525 in high-cost areas, and up to $2 million
20% down payment
15-year or 30-year fixed rate options
Purchase and refinance options, including cash-out refinance
Interest-only loan options
5/1 ARM option
Allows for primary residence, second home or investment property
Is a Jumbo loan right for you?
If you’re looking to purchase a larger home, or buy a home in a high-cost area, you might want to look at a Jumbo mortgage — it could help you get that dream house you’ve always wanted! Here are some other scenarios to help you determine if a Jumbo loan is right for you:
You want to buy a home that exceeds the conforming loan limits in your area
Conforming limit is $484,350 and $726,525 in high-cost areas
You have excellent credit and significant savings for a down payment
You have a significant amount of wealth and want to purchase an expensive home
You want to buy a home in a high-cost area
You want to purchase a second home or investment property
You want a house with a pool and three car garage
Why choose SecurityNational Mortgage for your jumbo loan?
We’re experts with deep experience in underwriting, processing, and closing on Jumbo mortgages. Let our professionals guide you through the experience!
This is not a commitment to make a loan, nor should it be construed as lending advice. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant. SecurityNational Mortgage Company is an Equal Housing Lender NMLS# 3116.
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