Jumbo Loans

What is a Jumbo Loan?

The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) establish, along with the Office of Federal Housing Enterprise Oversight (OFHEO), requirements for loans which can be insured or purchased by government-sponsored enterprises. Often loans which otherwise meet the conforming loan requirements are deemed “non-conforming” or “Jumbo” because the loan amount exceeds the conforming loan limit set by Fannie, Freddie, and OFHEO.

The current conforming loan limit for a single-family home is $417,000 for all states—except Hawaii and Alaska. In certain federally designated high-priced markets in the continental United States, Fannie, Freddie, and OFHEO allow for conforming high-balance loans which have loan amount limits from $417,000 to $625,000 [1]. Conforming high-balance loans typically have higher interest rates, stricter underwriting, and larger down payment requirements. Additionally, limits may be different for multi-unit properties.

At American Interbanc Mortgage, we offer conforming high-balance and jumbo loans up to $3 million in loan amount. We offer fixed-rate and adjustable-rate options for our jumbo loan products. At American Interbanc Mortgage, we lend jumbo loans for primary residences, second homes, and vacation homes.

[1] The loan limits stated are valid through December 31, 2015

Summary of Jumbo Loans

For mortgage loan amounts that are higher than the conforming thresholds, loan amounts can go up to $3 million

Jumbo loans are available to primary residences and second or vacation homes

Available in a variety of fixed-rate and adjustable-rate terms

Generally have higher interest rates than conforming loan amounts

The American Interbanc Mortgage Difference

At American Interbanc Mortgage, we focus on providing some of the lowest cost mortgages in the market. Because we work on a low-margin model, the cost savings are passed on to the customer. We offer a variety of terms for fixed-rate mortgages and can close most loans in 30 days or less, if the customer gets us his/her loan documents in a timely manner. Call one of our Loan Officers today, at 1-800-724-0004, to find out what great rates we provide.

Talk to a Loan Specialist Today

We want you to feel confident about purchasing or refinancing your home. Our experienced loan specialists are here to answer any questions or to address any concerns you may have. Get in touch today to lock in your custom rate or to begin the application process.