Jumbo Home Loans
for high-value homes
Jumbo home loans are the way to finance a purchase with a value above federal standards. The conventional conforming loan limit is $484,350. For a home with a purchase price above this limit, a jumbo loan is needed.
It’s true that a jumbo home loan might be the route to go if you were trying to buy a castle, but in some areas with high housing costs a jumbo loan might be needed to purchase a relatively modest house. Elite Mortgage can help the whole spectrum of these customers.
General Loan Limits for 2019
Refer to Lender Letter LL-2018-05 for specific requirements.
Maximum Loan Amount for 2019
|Units||Contiguous States, District of Columbia, and Puerto Rico||Alaska, Guam, Hawaii, and the U.S. Virgin Islands|
Maximum Loan Amount for High-Cost Areas for 2019
+A number of states (including Alaska and Hawaii), Guam, Puerto Rico, and the U.S. Virigin Islands do not have any high-cost areas in 2019.
|Units||Contiguous States, District of Columbia+||Alaska, Guam, Hawaii, and the U.S. Virgin Islands|
2019 Loan Limits Overview
- Loan limits increased for all but 47 counties across the country, including Alaska, Hawaii, Guam, and the U.S. Virgin Islands.
- In those 47 counties, the limits remained unchanged.
- Loan limits did not decrease anywhere in the US and its territories.
THE ADVANTAGES OF A JUMBO HOME LOAN
Using a jumbo home loan allows you to avoid making an enormous down payment to reduce your balance to a conforming level. While a higher interest rate usually comes along, the convenience is worth it.
To learn more about jumbo home loans, please contact a Elite Mortgage experts. Our team is at your disposal.