Jumbo & Super Jumbo

Jumbo

In the United States, a jumbo mortgage is a mortgage with a loan amount above the industry-standard definition of conventional conforming loan limits. This standard is set by the two largest secondary market lenders, Fannie Mae and Freddie Mac. Loans above the conforming limits may be offered by seller servicers of these wholesale institutions, as well as Wall Street conduits who provide warehouse financing for mortgage lenders.

Jumbo loans will typically carry a higher interest rate than a conforming loan as well as stricter guidelines. Most Jumbo lenders limit the LTV to 75%. In today’s market it is necessary for us to shop around for the best terms. Lenders are changing programs as well as rates and fees at an alarming rate. What used to be a simple quote to the consumer now has become very difficult for a lender to quote. It is more important now than ever you work with an aggressive company that will put the time in to find the best possible solution for your needs.

Super Jumbo

Same as above, Loans considered Super Jumbo are those above a million dollars. Most of these loans are adjustable rate loans with very tight guidelines. Most have a max LTV of 70%. Once again, rates are very difficult to quote without all the facts.