FHA Jumbo Loan Limits
for Home Purchases
A Super Jumbo Loan is
a loan request exceeding $650,000. A super jumbo loan
typically has a rate .25% higher than your average jumbo
loan. Super Jumbo Mortgages are those offered
above and beyond the average jumbo loan amount of $417,000
and have special programs aimed directly at these consumers.
Programs range from "Interest Only" Libor
Loans, Adjustable Rate, and Fixed Rate Mortgages.
Jumbo loans, also called non-conforming
loans, are mortgages with loan amounts greater than
the conforming loan limit. The conforming loan limit
is set every January. The current conforming loan limit
What is the Conforming
The conforming loan limit is the maximum
loan size eligible for purchase by either Fannie Mae
or Freddie Mac, who purchase the underlying securities
from mortgage originators. Those funds are then reinvested
in new mortgages, and the flow-of-funds cycle continues.
The conforming loan limit, or “Jumbo
Loan amount” is set every January. This year, the limit
for single-family homes and condominiums is $417,000.
Quicken Loans conforming loan limit has also been raised
When a Loan Becomes
When a loan amount is higher than the
conforming limit, it becomes a Jumbo Loan – or non-conforming
loan – with slightly higher interest rates.
Jumbo Loans, compared with historically
low mortgage rates, can bring greater flexibility for
some home buyers to purchase the house they want and
make the payment they want.