First Residential

What’s A JUMBO Loan?

When Conforming Loan Limits Just Aren’t Enough

Let’s start be describing what a JUMBO Loan is not. Loans that meet GSE (Fannie Mae & Freddie Mac guidelines) are called conforming loans. One of the characteristics of conforming loans is the loan amount. The Federal Housing Finance Agency (FHFA) is tasked with setting the maximum loan amount for loans purchased by Fannie Mae & Freddie Mac. The maximum conforming loan amount for 2015 is $417,000. Loans that exceed $417,000 are called JUMBO loans.

JUMBO loans typically have higher interest rates than conforming loans (there are exceptions) and the credit requirements on JUMBO mortgages are more stringent. Down payments vary, but usually start in the 5% – 10% range.

So there you have it, any mortgage loan exceeding $417,000 is a JUMBO loan.

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