A mortgage loan on a home where the loan amount exceeds the conforming loan limit of $510,400 (in most counties) which is set by Fannie Mae and Freddie Mac, the government-sponsored enterprises that buy loans from banks. As a result, the interest rates on these loans are greater because lenders don’t have the assurance that Fannie or Freddie will guarantee the purchase of the loans. Each year, Fannie and Freddie set the conforming loan limits by county. Currently, any loan greater than $510,400 is considered to be a Jumbo Loan. Typically, Jumbo Loans require a higher down payment than traditional loans and the Rates on jumbo loans are typically higher than conforming loans.
What is a Jumbo Loan?
Any loan above the conforming loan of $510,400. Jumbo loans require a larger down payment typically 10% to 25% down and typically have more reserve requirements than traditional conforming mortgages.
Benefits of FHA Loans
There are many benefits to Jumbo Loans, but with our JUMBO Elite program higher loan amounts up to $2 Million. Exclusive rate incentives for borrowers with 700+ FICO. Eligibility for primary and second homes with Fixed and Adjustable Rate Mortgage Options available.
- Borrow a larger amount than allowed by Fannie Mae or Freddie Mac
- Available to borrowers who do not qualify for a conforming loan
- Commonly used for luxury homes
- Jumbo Loans available with NO PMI
Regular Jumbo loans down to 680 credit score on Primary, Secondary and Investment Properties with Loan Amounts up to $3 Million. Fixed rate and Adjustable Rate Mortgage Loans available.
FHA Loan Eligibility
No income limits and down payment requirements of 20% with debt to income ratios of 43% for most Jumbo Loan Programs. Lower Down Payment for Jumbo Loan Programs with 10% and No PMI available. Call for details. Additional requirements may apply.
Jumbo Loan Limits
Generally, Jumbo Loan Amounts range from $510,400 up to $3 Million
Get Pre-Approved for a FHA Loan
If you are looking for a mortgage greater than $453,100 all the way up to $3 Million for Home Purchase or Refinance anywhere in the State of Illinois, contact Home Mortgage Specialists, Inc. at (309) 222-8286 for more information, or fill out the form on this page.