Jumbo Loans are mortgages with a loan amount above industry-standard definition of conventional conforming limits. Set by Fannie Mae and Freddie Mac, conforming limits are currently $417,000, or $625,500 in Alaska, Hawaii, Guam, and the U.S. Virgin Islands.
Florida Mortgage Solutions are Jumbo Loan specialists!
Jumbo loans are not very different from conforming loans. The biggest difference is, being bought by investors other than fannie and freddie. Because of this the funds are not as readily available. Rates are generally higher than conforming loan limit mortgages in this scenario.
In 2008 Fannie and Freddie conforming loan limits have been raised to combat liquidity fears in mortgage markets for obvious subprime mortgage dilemas. This led to a new breed of Jumbo loans now known as “conforming jumbo” loans.
FMS is always striving to offer the most effective & aggressive Jumbo Loan programs today. For loans in excess of $2M we recommend our Super Jumbo Loan programs.