Jumbo Loans

Conventional loans that are too large for government agencies are called jumbo loans. Jumbo loans refer to those loan amounts outside of the "conforming" range or, above $322,700 to $5 million + for single/family/condo, primary residence, second homes, and commercial. A Jumbo or Non-Conforming Mortgage Loan is any mortgage that exceeds the conforming loan limit of $322,700. Jumbo loans, like conforming loans, are available as fixed rate mortgages or as ARMs. Typically, jumbo loans are priced slightly higher than conforming loans (usually .125 or .250% on interest rate), due to the limitations of the Jumbo Loans secondary market. Rates on jumbo loans tend to be slightly higher than loans of a lesser value, because lenders generally have a higher risk on these loans.

Conventional Mortgage Loan Limits as of December 1, 2002 - Any Loan Amount Higher is a Jumbo.

  48 States Hawaii / Alaska
1 Unit $322,700 $484,050
2 Units $413,100 $619,650
3 Units $499,300 $748,950
4 Units $620,500 $930,750