Holly McNeely

NMLS# 1235847

Loan Officer

Jumbo Mortgages

What is a Jumbo Mortgage?

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 of the United States. Conforming limits may be higher in areas of the country with more expensive housing; for example, the conforming limit is $625,500 in Alaska and Hawaii. Jumbo Mortgages are non-conforming loans, so they are not backed by Fannie Mae and Freddie Mac. Jumbo Mortgages usually have higher interest rates because they carry greater risk.

Academy Mortgage specializes in financing Jumbo Mortgages up to $3 million on a primary or second home1. Academy offers competitive pricing on fixed-rate and adjustable-rate Jumbo mortgages at historically low rates.

What are the benefits of a Jumbo Mortgage?

Jumbo Mortgages offer the following features:

  • Allow purchase of a more expensive home with a minimum 20% down payment.
  • No private mortgage insurance is required with a 20% down payment.
  • Interest on loans up to $1 million is tax-deductible (consult a tax professional for more information).
  • Flexibility to take advantage of refinance opportunities.
  • Closing costs are about the same as conforming fixed-rate mortgage programs.
  • Academy offers a Preferred Payment Plan on select Jumbo Mortgages that could reduce your interest rate by .250.

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.

For more information

Contact your Loan Officer today to see if a Jumbo Mortgage is the right solution for you. We take pride in delivering value and savings to homebuyers across the United States. It would be a pleasure to help.

1 $3 million is only eligible in certain areas and is subject to property type, loan-to-value, and credit score. Rates, program terms, and conditions are subject to change without notice. Additional conditions, qualifications, and restrictions may apply.

NMLS# 1235847

State Lic: TX: 1235847;

Corp Lic: TX: 3113;

Figure: 7 TAC §81.200(c) CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT'S WEBSITE AT WWW.SML.TEXAS.GOV.;