FHA Jumbo Loan Purchase - Over $1 Million
FHA Jumbo Loan Limits for Home Purchases
A super jumbo loan is a loan request exceeding
$650,000. A super jumbo loan typically has a rate .25% higher than your
average jumbo loan. Super Jumbo Mortgages are those offered above and
beyond the average jumbo loan amount of $417,000 and have special
programs aimed directly at these consumers. Programs range from
"Interest Only" Libor Loans, Adjustable Rate, and Fixed Rate Mortgages.
Jumbo loans, also called non-conforming loans, are mortgages with
loan amounts greater than the conforming loan limit. The conforming loan
limit is set every January. The current conforming loan limit is
What is the Conforming Loan Limit?
The conforming loan limit is the maximum loan size eligible for
purchase by either Fannie Mae or Freddie Mac, who purchase the
underlying securities from mortgage originators. Those funds are then
reinvested in new mortgages, and the flow-of-funds cycle continues.
The conforming loan limit, or “Jumbo Loan amount” is set every
January. This year, the limit for single-family homes and condominiums
is $417,000. Quicken Loans conforming loan limit has also been raised to
When a Loan Becomes a Jumbo
When a loan amount is higher than the conforming limit, it becomes a
Jumbo Loan – or non-conforming loan – with slightly higher interest
Jumbo Loans, compared with historically low mortgage rates, can bring
greater flexibility for some home buyers to purchase the house they want
and make the payment they want.
will forward your application to one, single
FHA Specialist who will
contact you to discuss the best FHA
Programs and the lowest rates available at
this time. We do not re-sell, distribute, disseminate
your application information to telemarketers, multiple
lenders, or 3rd party marketing firms.