Main Loan Types
Learn About Mortgage
Conventional loans that are too large for government agencies are called jumbo loans. Jumbo loans refer to those loan amounts outside of the "conforming" range or, above $322,700 to $5 million + for single/family/condo, primary residence, second homes, and commercial. A Jumbo or Non-Conforming Mortgage Loan is any mortgage that exceeds the conforming loan limit of $322,700. Jumbo loans, like conforming loans, are available as fixed rate mortgages or as ARMs. Typically, jumbo loans are priced slightly higher than conforming loans (usually .125 or .250% on interest rate), due to the limitations of the Jumbo Loans secondary market. Rates on jumbo loans tend to be slightly higher than loans of a lesser value, because lenders generally have a higher risk on these loans.
Conventional Mortgage Loan Limits as of December 1, 2002 - Any Loan Amount Higher is a Jumbo.
|48 States||Hawaii / Alaska|