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Jumbo home loans are loans that exceed conforming loan limits that are set by the two government-sponsored enterprises: Fannie Mae (FNMA) and Freddie Mac (FHLMC). These agencies purchase the bulk of U.S. residential mortgages from banks and other lenders, allowing them to free up liquidity to lend more mortgages. They also set a limit on the maximum value of any individual mortgage they will purchase from a lender. When FNMA and FHLMC limits don’t cover the full loan amount, the loan is referred to as a “jumbo” mortgage. Average interest rates on jumbo mortgages are typically higher than conventional home loans.

Loan limits are based on where you live. The conforming loan limit in Portland, and most other areas around the U.S., is currently $424,100. If you live in a high-cost area, such as San Francisco, you may qualify for a conforming high balance home loan.

Benefits of Jumbo Home Loans

  • These types of home loans allow qualified home buyers to purchase a larger or more expensive home, without draining their savings.
  • Homeowners can consolidate loans into one jumbo home loan, rather than having two separate mortgage payments.
  • Jumbo home loans come in a variety of forms, such as fixed-rate, adjustable-rate, and more.
  • These loans can be refinanced, which can often yield savings for homeowners.

Additional Resources

Federal Housing Finance Agency (FHFA)
Current Conforming Loan Limits
For those seeking a jumbo home loan in Oregon, Washington or California for a new purchase, or for those who could benefit from refinancing an existing jumbo mortgage, Summit Mortgage Corporation is your link to a competitive jumbo mortgage opportunity. We want to make sure that our clients always have the best mortgage products for their financial circumstances – even as their situations change. Contact us to learn more about guidelines and eligibility requirements for jumbo home loans.

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