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A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $766,550 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.
Also called non-conforming conventional mortgages, jumbo loans are considered riskier for lenders because these loans can’t be guaranteed by Fannie and Freddie, meaning the lender is not protected from losses if a borrower defaults. Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.
Charles Parham brings years of hands-on mortgage experience, honest advice, and a personal commitment to every client guiding you from the first call straight through to closing day.
Charles secures the most competitive mortgage rates available saving you money every month and over the full life of your loan.
Charles offers free, no-obligation consultations to every client so you can explore your options without any pressure or upfront cost.
Charles monitors your loan long after closing keeping you informed about refinancing opportunities and market changes that could benefit your financial future.
Charles is always available to answer your questions providing dedicated, around the clock support throughout every stage of your mortgage journey.
