Jumbo Loans

Think BIG with a Jumbo Loan

A jumbo loan, or non-conforming mortgage, allows you to purchase more expensive homes with a loan amount above the conforming limit set by the Federal Housing Finance Agency. In most areas of the country, the conventional conforming loan limit is $647,200; however, the limit is $970,800 in higher cost areas.

Jumbo Loan Highlights

If you have a low debt-to-income (DTI) ratio and a higher credit score, but you don’t have enough funds to bring the loan amount under the conforming limit, a jumbo loan might be the right option for you. Highlights of non-conforming loans include:

• Finance a home over the maximum loan amount established by the Federal Housing Finance Agency
• Higher purchase limits allow borrower to purchase more house
• Convenience of one loan for the entire loan amount
• Primary residence, second home or investment property
• Fixed-rate or adjustable-rate mortgages (ARM)

If you are interested in a jumbo loan, please contact your local Fairway mortgage professional.