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A Jumbo mortgage is a home loan with an amount that exceeds conforming loan limits imposed by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy mortgages from lenders. The limit is $417,000 in most parts of the United States, but can increase to $625,500 in the highest-cost areas. So if you have a loan with a balance above $417,001 you most likely have a Jumbo loan.
At BrightPath we offer very competitive Jumbo rates and also offer the High Balance Loans. If you think you may be in a High Balance area please contact a mortage specialist today to discuss your options.
Still have questions about the jumbo loan? Find out more: Click Here!