A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $766,550 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.
Also called non-conforming conventional mortgages, jumbo loans are considered riskier for lenders because these loans can't be guaranteed by Fannie and Freddie, meaning the lender is not protected from losses if a borrower defaults. Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.
Unlock Luxury: Jumbo Loans Up To $5,000,000!
Selling a luxury home requires a specialized approach, and that includes the financing. If your high-end listing is stagnant and needing more eyes on the property, it might be time to elevate your strategy.
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But it's not just about the loan; it's about the high-performing team supporting you. Broker Realtor Connect (BRC) invites agents like you to join our network and leverage MKG Enterprises Corp's luxury lending concierge service.
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