What is considered a Jumbo loan today will depend primarily on the property location. Basically, any loan amount that exceeds the Fannie Mae and Freddie Mac conforming loan limits is considered a Jumbo mortgage.
The current 2020 Conforming Loan Limits are capped to loan amount of $510,400 in the majority of counties throughout the U.S. More expensive, or “high-cost” counties have loan limits up to $765,600. Many of these high-cost locations are located in California, Hawaii, Colorado, New York, Florida, DC, etc. Please refer to the map below as the colored areas reflect locations that have conforming loan limits exceeding $510,400.
Homebuyers have an array of Jumbo financing options available in 2020. Some Jumbo programs permit eligible homebuyers to finance up to 95% loan to value with approved credit. Buyers can learn more about the latest Jumbo loan limits and requirements on the Purchase Page here.
Loan options today offer added flexibility today not seen in the past. Low down payments, no mortgage insurance and interest rates comparable to many conventional loans. Home buyers can learn more about all financing options by reaching out to us 7 days a week by calling Ph: 800-962-0677 or by filling out the Quick Contact Form on this page.