- Type of Loan: Non- Government Loan. May be owned by Fannie Mae & Freddie Mac; but, more often serviced by a bank in their loan portfolio.
- Loan Term: 10, 15, 20 or 30 years.
- Credit Score Requirements: 660 Middle Credit Score or higher
- Down Payment Requirements: 10% down or higher.
- Interest Rate: Fixed and adjustable rate loans with 5, 7 and 10 year fixed term periods.
- Private Mortgage Insurance: Required with less than a 20% down payment or 20% equity on a refinance.
- Additional Facts: These types of loans have a slightly higher interest rate to offset the risk of a higher loan amount. They also require higher middle credit scores and lower debt to income ratios than most other non-jumbo loan products. A jumbo loan is typically a loan that exceeds $517,500 and can go as high as $2.5 million. This maximum conforming loan limit can change each calendar year and is determined by both Fannie Mae and Freddie Mac. Government loans like FHA, VA and USDA also offer jumbo loan programs, so check the loan limits for your county under our resource “Loan Limit” tab before applying for your purchase or refinance loan. More information at www.fanniemae.com/loanlimits.