Jumbo Mortgages: Financing Your Dream Home with Lendmire

Jumbo mortgages are designed to help you purchase high-end homes that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). For 2024, the baseline conforming loan limit is $766,550 for a single-unit property. If you’re purchasing a home that requires a loan amount above this limit, you’ll need a jumbo mortgage.

What Are Jumbo Loans?

Jumbo loans are non-conforming loans, meaning they are not backed by Fannie Mae or Freddie Mac. These loans are used to finance properties that are more expensive than what the conforming loan limits allow. They can be used for primary residences, vacation homes, and investment properties.

Key Features of Jumbo Loans at Lendmire:

• Higher Loan Limits: With jumbo loans, you can finance homes with loan amounts that exceed $766,550. In high-cost areas, like parts of California, New York, and Hawaii, these limits can reach up to $1,149,825.
• Flexible Loan Options: Choose between fixed-rate and adjustable-rate mortgages, allowing you to tailor your loan to fit your financial situation and goals.
• No Need for Multiple Loans: Jumbo loans allow you to finance your entire home purchase with one loan, avoiding the complexity of managing multiple mortgages.

Current Jumbo Loan Limits:

• Baseline Jumbo Limit: $766,550 for most U.S. counties.
• High-Cost Areas: Up to $1,149,825 in certain counties across states like California, New York, and Hawaii.

Why Choose Lendmire for Your Jumbo Loan?

While some lenders have reduced their jumbo loan offerings, Lendmire continues to offer a wide selection of jumbo loan programs with rates and terms suited to your needs. Our mortgage experts are here to guide you through the process, ensuring you find the right loan to finance your dream home.

Ready to Learn More?

If you have questions or are ready to start the application process, give us a call! Our mortgage experts are happy to assist you in finding the best jumbo loan for your needs.