Jumbo Mortgage Loans

Jumbo mortgages are those that exceed the maximums that may be purchased by Federal agencies Fannie Mae and Freddie Mac ($333,700 for a single family home in 2004). Because Fannie Mae and Freddie Mac purchase mortgages from originating lenders in such large quantities, these programs keep mortgage interest rates lower for those mortgages that do not exceed the maximum permitted by the program.

As a result, interest rates for jumbo mortgages are generally higher than those covered under the Federal programs. Because of this, it may beneficial and prudent to consider taking a second mortgage for the dollar amount that exceeds the threshold permitted by Fannie Mae or Freddie Mac in lieu of a jumbo mortgage loan. The method that is most fiscally responsible, of course, will depend on the amount to be financed, the interest rate and the repayment period.

LendingLeaders will match you lenders who specialize in providing jumbo mortgage loans. The lenders will work with you to help decide what mortgage options are right for your situation. To have one of our lenders contact you to help decide what type of jumbo mortgage is right for you, simply fill out the quick, no obligation loan form by clicking here.