| what
is a jumbo loan…
A jumbo loan is any loan above the $417,000
conventional loan limit set by the two federal
mortgage agencies - Fannie Mae and Freddie
Mac, the secondary mortgage market for single-family
homes in the continental U.S. ($379,050 in
Alaska, Hawaii and the U.S. Virgin Islands).
This also applies to refinanced loans. Limits
are higher on multifamily residences.
The loan limit for second mortgages will increase
to $126,350. In Alaska, Hawaii, and the U.S.
Virgin Islands, it will increase to $189,525.
This
mortgage is the primary lien against a property.
Conventionally, you will pay a higher interest
rate to borrow more than the mortgage limit
set by Fannie Mae and Freddie Mac.
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