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A Jumbo Loan is a mortgage used to finance properties exceed the loan-servicing limits set by Fannie Mae and Freddie Mac, currently $647,200 for a single-family home in all states (except Hawaii and Alaska and a few federally designated high-cost markets, where the limit is $970,800). Jumbo mortgages are available for primary residences, second homes and investment properties, and are also available in fixed-rate and adjustable-rate loans. A jumbo loan will typically have a higher interest rate, stricter underwriting guidelines and require a larger down payment than a standard mortgage.
There are many benefits to jumbo loans. One of the biggest benefits is that financing options are available up to $3,000,000. This may provide convenience to many borrowers.
Mortgage rates change daily and vary depending on your unique situation.
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