If you are looking at high-priced homes you may require a larger loan, know in the industry as a “Jumbo Loan.” If you need to borrow more than $417,000, this is the type of loan you’re going to need. These loans allow borrowers to get up to $2MM. These are called non-conforming loans because the loan won’t conform to the standard underwriting guidelines set by Fannie Mae and Freddie Mac. Usually these loans have a little bit higher interest rate than a loan under $417K. That’s because the loan can’t be guaranteed by Fannie Mae or Freddie Mac so the lender has more risk. Those homes are generally a little harder to sell, too, should the home get foreclosed on.
If you are in the market for a luxury home that will require a jumbo loan, give me a call. I am a certified Accredited Luxury Home Specialist (ALHS) designated Realtor. I have sold many high end properties and would love the opportunity to help you sell your home or purchase one. Call me directly at 832.628.7355.
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