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FHA Jumbo Loan Limits for Home Refinance Mortgages
A “Jumbo Mortgage” is any single loan amount over the conforming loan limit, which is currently $417,000 for a one unit property in the United State
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 is $417,000.
What is the Conforming Loan Limit?
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 to $417,000.
When a Loan Becomes a Jumbo
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.
FHA Loan Information
The FHA does not lend money. The FHA (Federal Housing Administration) is part of HUD & backs individual Approved Lenders.
Note: We are not affiliated with the Federal Housing Administration, the Department of Housing and Urban Development, or any other government agency. We are an FHA Educational Resource.
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