Jumbo Loans

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Jumbo Loans

For a loan to be considered a "jumbo" mortgage, the loan amount must exceed conventional conforming loan limits, which are set by two government-sponsored enterprises - Fannie Mae and Freddie Mac. These two corporations set the limit on the maximum value of any individual mortgage they will purchase from a lender. Currently, the conforming loan limit is $417,000 for a one-unit home - meaning, if you need to borrower half a million dollars to buy a million-dollar home, you would need a jumbo mortgage.

It is also worth nothing that some conforming loan limits may exceed $417,000.

In some cases, there are loan products that have elevated conforming loan limits, which give borrowers the ability to obtain mortgages exceeding the normal $417,000. The availability of these loans varies by county. The U.S. Housing Department has a useful tool on their website where you can find limits in each state/county.

For further information on jumbo loans, please contact us. Our mortgage professionals will review your loan options and help you figure out whether a jumbo loan is right for you.

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    The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed 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.

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