FHA Jumbo Loan Limits for Home
Purchases
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.
hat 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.
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