A choice between fixed or adjustable rates
Typically for mortgage loan amounts greater than $417,000
For loan amounts higher than the Fannie Mae and Freddie Mac conforming limits
Jumbo mortgages are home loans that are bigger than normal. They exceed the “conforming limit” — the maximum loan amount that Fannie Mae and Freddie Mac will buy.
The conforming limit varies by location. In most housing markets, it’s $417,000, and any mortgage more than that is a jumbo. In the most expensive housing markets, such as Los Angeles, any home loan of more than $729,750 is a jumbo.
- Available with a fixed or adjustable rate
- Typically a down payment of at least 20 percent for a purchase (or have at least 20 percent equity in a refinance) is required.