Jumbo loans are for loan amounts greater than the conventional upper loan limit of $715,000.  They are typically used to buy more expensive homes and high-end custom construction homes.  Jumbo loans require a higher down payment than conventional loans.

 

Features Of Jumbo Loans:

1. Jumbo Loans exceed the maximum loan amount established by Fannie Mae and Freddie Mac conventional loan limits ($715,000)
2. They are available with as little as 10% down payment, but a 20% down payment will have the best interest rate available