A jumbo home loan is a mortgage that exceeds the conforming loan limit set by government-sponsored enterprises Fannie Mae and Freddie Mac. In most parts of the country, the conforming loan limit is $647,200. If a borrower wants to purchase a home that costs more than the conforming loan limit (or carry a BALANCE more than the conforming loan limit), they will need to apply for a jumbo home loan.
First Reliant advantage:
We run many of our JUMBO loans through the same processes as we do our Conventional loans. Whereas many lenders struggle with lengthy underwriting timeframes, the navigation of complicated jumbo loan guidelines, and 2nd review investor approvals – at First Reliant we maintain the same transparency & average closings of 15 days!
*** see Creative Edge for info on 1st/2nd COMBO alternative to Jumbo financing! ***