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Jumbo home loans are excellent for luxury home purchases which are typically more than the standard home in your community. Jumbo home loans are greater than the conventional conforming loan limits which disqualify them from traditional funding options.
The design of a jumbo home loan is for purchase or refinance of high value properties. In some cases, the requirements can be strict making them difficult to qualify for. A Plus Mortgage is aggressive in finding a fit for our borrowers giving competitive rates and flexible terms.
A jumbo loan is a loan greater than the conventional loan limit set by the Federal Housing Finance Agency (FHFA). In 2021, any loan over $548,250 is considered a jumbo loan. Traditionally, jumbo mortgage rates are higher than standard conforming loans. These loans are typically not covered by government sponsored Fannie Mae Freddie Mac, thus making these loans riskier to provide. This loan does not conform to the guidelines of Freddie Mac or Fannie Mae.
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Most jumbo loans are 15 year or 30 year fixed-rate mortgages. A fixed-rate mortgage is a loan with a long term usually 15 years or 30 years with a fixed interest rate over the life of the loan.