A Jumbo Mortgage is any single loan amount over the conforming loan limit set by Fannie Mae and Freddie Mac, which is currently $417,000 for a one-unit property in most parts of the United States including Arizona.
Conforming limits will be higher in areas of the country with more expensive housing; for example, the conforming limit is $625,000 in Alaska, Hawaii and some areas of California and New York.
RedStone Mortgage specializes in financing Jumbo Mortgages up to $2 million.*
Additional Features and Benefits of a Jumbo Mortgage:
- No private mortgage insurance is required with a 10% down payment
Who may benefit from a Jumbo Mortgage?
Jumbo Mortgages are primarily designed for buyers who are able to afford a luxury home and higher monthly payments, yet may not have the savings to make a huge down payment.
* Loan sizes affect down payment requirements.
To learn more about our Jumbo loans or occupancy requirements, please contact one of our mortgage consultants.