Jumbo Loans

What is a Jumbo Loan?

A conventional loan is considered Jumbo if it exceeds what is known as the conforming loan limit, set by the Officer of Federal Housing Enterprise Oversight (OFHEO) on an annual basis. If the conventional loan exceeds this conforming limit, the loan is not eligible for purchase by Freddie Mac or Fannie Mae and must be sold on the secondary market. Conforming loan limit will vary by county.

Basic Jumbo Loan Provisions

  • Offers the same flexibility of conforming loans
  • Conventional lenders typically ask for 20% down on Jumbo Loans
  • Interest rates on Jumbo loans run higher than conventional counterparts

Is a Jumbo Loan Right for You?

Jumbo loans are a great option for any borrower who can afford the monthly payment of a higher loan but does not have the down payment to bring the loan down to conforming limits. Also, for borrowers wanting to improve their credit score quickly, making payments on time on a Jumbo loan will rapidly build your credit.

Contact Matt Chao

Questions?

Payment Calculator
$
 
VIP Mortgage Awards

NMLS#1428557 CA-DBO1428557 l GA 51913 / State Licensing NMLS Consumer Access Privacy/Security

© 2017V.I.P. Mortgage, Inc. does Business in Accordance with Federal Fair Lending Laws. NMLS ID 145502. AZ: Mortgage Banker License No. BK-0909074. CA: BRE Real Estate Corporation License Endorsement 01866775 | DBO Residential Mortgage Lending Act License 4131324 D.B.A. V.I.P. Independent Mortgage, Inc. | 41DBO-58745. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. CO: Mortgage Company Registration 145502. Regulated by the CO Division of Real Estate. FL: Mortgage Lender License MLD1399; MLDB4970. HI: Mortgage Loan Originator Company License HI-145502. IL: Illinois Residential Mortgage Licensee MB.6760990. IN: DFI First Lien Mortgage Lending License 21573; DFI Subordinate Lien Mortgage Lending License 21574. MI: First Mortgage Broker/Lender License FL0017723; Second Mortgage Broker/Lender Registrant License SR0017724. MN: Residential Mortgage Originator License MN-MO-145502, Minnesota Residential Servicer License MN-MS-145502. NC: North Carolina Mortgage Lender License State License #: L-170588. NE: Mortgage Banker License 2032 | Banker License 1081833. NM: MLC 397200 | MLC 3769 | MLC 834012 | MLC 1081833 | MLC 336964. OR: ML-5444-3 | ML-5444-2 | ML-5444-1 | ML-5444. TX: SML Mortgage Banker Registration. N.A. D.B.A. V.I.P. Independent Mortgage, Inc. UT: DRE Mortgage Entity License No: MLCO-7233522 | DRE-8993850. WA: Master Business License No. 602 774 478, Consumer Loan Company License No. CL-145502 | CL-172492 | CL-336964 | CL-1252401 | CL-1355178. WI: Mortgage Banker License No. 145502BA | 172492BA , WI- Mortgage Broker License No. 145502BR | 172492BA. V.I.P. Mortgage, Inc. does Business in Accordance With Federal Fair Lending Laws. V.I.P. Mortgage Inc. is not acting on behalf of or at the direction of HUD/FHA or the Federal Government. V.I.P. Mortgage Inc. is approved to participate in FHA programs but the products and services performed by V.I.P. Mortgage Inc. are not coming directly from HUD or FHA.