A Jumbo Mortgage is any single loan amount over the conforming loan limit set by Fannie Mae and Freddie Mac, which is currently $453,100 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 $679,650 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.
Jumbo Mortgages offer the following features:
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.
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.