Miami Jumbo Mortgage

A jumbo loan is a mortgage with a loan amount above the standards set by the two largest secondary market leaders, Fannie Mae and Freddie Mac. A lower limit of a jumbo loan is $417,000. A loan in excess of $650,000 is considered a super jumbo mortgage.

Although, very rare a few years ago, jumbo and super jumbo loans lave become more common as the prices of homes have been increasing at a higher rate than the limits set by Fannie Mae and Freddie Mac. Many consumers are becoming jumbo borrowers when buying a modest house; this option is no longer limited to high-end luxury residences.

Even though jumbo loans are very similar to regular loans, there are still a few things you may want to know about jumbo loan before applying for one of them.

Related Articles

• Miami Jumbo Mortgage Benefits
• Miami Jumbo Mortgage Particulars
• Miami Jumbo Mortgage Options