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.

dream_house2b

General Loan Limits for 2019

The general loan limits for 2019 has increased and apply to loans delivered to Fannie Mae in 2019 (even if originated prior to 1/1/2019).
Refer to Lender Letter LL-2018-05 for specific requirements.
 

Maximum Loan Amount for 2019

UnitsContiguous States, District of Columbia, and Puerto RicoAlaska, Guam, Hawaii, and the U.S. Virgin Islands
1$484,350$726,525
2$620,200$930,300
3$749,650$1,124,475
4$931,600$1,397,400

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.

UnitsContiguous States, District of Columbia+Alaska, Guam, Hawaii, and the U.S. Virgin Islands
1$726,525Not Applicable
2$930,300Not Applicable
3$1,124,475Not Applicable
4$1,397,400Not Applicable

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.

Contact your favorite agent

We can help you

What Are You Waiting for?

Apply and be approved