Now offering jumbo loans as big as $3 million for borrowers who qualify.
- Prime Jumbo loans up to $3 million
- Interest rates competitive with banks and online lenders
- Fast closings — typically 25 days or less
- Options for primary, second and investment homes
- Refinance opportunities available
A conforming loan is a mortgage loan that fits into the regulations outlined by the government sponsored entities Fannie Mae and Freddie Mac (FNMA/FHLMC). One of these regulations puts a limit on the size of the loan, which in most cases is $625,000.
- Any loan that is larger than the maximum loan amount as outlined by the government sponsored entities may be considered a Jumbo loan.
There are some exceptions to the rule however. There are certain areas of the country that have been deemed a high cost zone where the guidelines provide an exception to this value limit to provide available financing to these areas. Loan amounts over these conforming loan limits are usually deemed “Jumbo Loans.”
But what does it mean?
Because these Jumbo Loans aren’t conforming with the government sponsored entity guidelines, the funds come from pools of private investors. Because of this, there may be slightly different (sometimes a bit more restrictive, but sometimes not) lending guidelines due to the limitations determined by the investors.
Speak with a mortgage professional today to find out which option is right for you.
FINANCIAL DISCLOSURES: MakeWay Mortgage Inc. is a mortgage broker who is not an agency of the federal government, nor affiliated with your current lender. This is not a commitment to make a loan. All approvals are subject to underwriting guidelines and eligibility. Underwriting guidelines include but are not limited to: debt to income ratio, loan to value ratio, acceptable credit and or income history, property type, current homeowner’s insurance, equity position, property type, number of units, financial reserves, bank statements, financial statements or tax returns, insurance, occupancy type, number of financed properties, Debt Service Coverage Ratio, rent history, taxes, etc. Call to secure your pricing today!