Jumbo Loans


Jumbo Loans


What is a Jumbo Loan?

A jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA). Unlike conventional mortgages, a jumbo loan is not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac. Designed to finance a larger loan amount, jumbo mortgages come with their own underwriting requirements.

The primary advantage of a jumbo loan is that it allows borrowers to take out a mortgage that exceeds the limits put in place by the FHFA. This limit varies by state—and even by county. The FHFA sets the conforming loan limit size for different areas on an annual basis. The limit for 2023 is set at $726,200 for most of the country. This is an increase of $79,000 from the 2022 limit of $647,200. For counties that have higher home values, the baseline limit is set at $1,089,300, or 150% of $726,200.


Fidelity Direct Mortgage, LLC offers competitive rates and terms for Jumbo Loans. Some of our Jumbo Loans offer DTI as high as 45% but generally its capped at 43%. Jumbo Loans usually require reserves based on Credit and Loan Amount and two appraisers may be required over a certain loan amount.


The above description is very basic and does not cover all the details.  Every loan product has fine nuances, exceptions, exclusions and inclusions. To find out which loan product fits you best you should consult a Mortgage Loan professional for tailoring your loan to your needs and your situation.  FDM is qualified for all these loan products and more, including grants and other unique products.

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