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A Jumbo Loan is one that is bigger than the Fannie Mae and Freddie Mac limits. This is the type of loan you need if you’re planning on purchasing a larger, more expensive home. As of 2022, the limit is $647,200 for most of the US, apart from Alaska, Hawaii, Guam, and the U.S. Virgin Islands, where the limit is $970,800.
Obviously, if you want to purchase a home that is more expensive than the limit, you’ll need to get a Jumbo Loan. Of course, a Jumbo Loan does generally come with a higher interest rate because there is greater risk on the part of the lender, so every penny you can save will be important.
At Southern Home Loans, we work hard to offer the best possible Jumbo Loan rates in the business.
If the home you’re looking to purchase requires a Jumbo Loan, it’s extremely important that you weigh every option you have so you don’t end up paying too much.
One of the benefits of applying for a Jumbo Loan with us is the fact that we’ll give you multiple offers, which allows you to compare them all and choose the best one.