Jumbo Loans

Jumbo Loans:

Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. These limits recently increased as of January 1, 2017. For most areas the limits are:

1 Unit: $424,100
2 Units: $543,000
3 Units: $656,350
4 Units: $815,650

Rates on jumbo loans are typically higher than conforming loans, however there are several variables which determine the interest rate and required down payment, including FICO scores, debt to income ratios and available reserve assets. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes, and usually require a higher down payment than traditional loans. At First Financial Mortgage we offer many options for jumbo loan financing including fixed or adjustable rate options. Most importantly, you should work with an experienced, reputable Loan Officer. Call for a free, no obligation quote today!