What is Jumbo Financing or Jumbo Loans?
Just like it sounds, jumbo mortgages are home loans that are bigger dollar value loans than your typical loan. Standard loans that are considered conforming loans by Fannie Mae and Freddie Mac set a limit for how large a loan can be before being considered jumbo. If you are looking to finance over $510,400 in most areas (up to $765,600 in certain qualifying areas), then you will need to secure jumbo financing. (Note: these amounts are evaluated each year and are subject to change.)
So what do you do if you are wanting to purchase a home that is larger than the conforming loan limits? That's where "jumbo" loans come in. SIRVA Mortgage is prepared to help you secure the home of your dreams by offering financing up to $3 million.
If you are interested in learning more about our jumbo loan options, please contact one of our professional Mortgage Consultants who would be happy to discuss the various mortgage options with you.