A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum high balance loan amount for a conforming loan is $970,800 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.
Also called non-conforming conventional mortgages, jumbo loans are considered riskier for lenders because these loans can’t be guaranteed by Fannie and Freddie, meaning the lender is not protected from losses if a borrower defaults. Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms. Statewide Funding offers Jumbo loans with down payments as low as 3.5%. We also offer Super Jumbo loans up to $30 million.