Jumbo Mortgage

Do you need a mortgage over $417,000?
Total Mortgage has a wide array of fixed and adjustable jumbo mortgages that feature some of the lowest jumbo mortgage rates you’ll find anywhere.

What is a Jumbo Mortgage?

Jumbo mortgages are mortgage loans that are too large to be purchased or backed by Fannie Mae or Freddie Mac. These loans are issued by private lenders and often have more stringent underwriting requirements and higher interest rates than loans that are backed by the government.

Fannie Mae and Freddie Mac

Fannie Mae and Freddie Mac are two government-sponsored entities (GSEs) that purchase mortgages or mortgage-backed securities from mortgage originators in order to create a more liquid secondary market to encourage more mortgage lending. At this time, a majority of new mortgage originations are backed or owned by Fannie and Freddie. However, there is a maximum loan size that Fannie and Freddie can purchase, and this is known as the conforming limit.

High-Balance Loans for High-Cost Areas

In some areas where the median home price is above the conforming loan limit, Fannie Mae and Freddie Mac are allowed to issue what are known as “high-balance conforming” or “super-conforming” mortgages. The maximum high-balance conforming limit is currently $625,500. To find out if you’re in an area eligible for high-balance loans, contact one of our licensed mortgage professionals at 877-868-2503.

Super Jumbo Mortgage

Some lenders will refer to very large loans as “super jumbo mortgages.” Not all lenders use this designation, and there are no specific guidelines for what constitutes a super jumbo loan.

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