Jumbo Loans are mortgages where the borrowed amount is more than the standard "conventional loan" limits. Homes that exceed the local conforming loan limit require a jumbo loan. Any mortgage over that is considered a Jumbo Loan and often has more strict underwriting guidelines.
Also called non-conforming conventional mortgages, jumbo loans are considered riskier for lenders because these loans can’t be guaranteed by Fannie and Freddie, meaning the lender is not protected from losses if a borrower defaults. Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.
We've been helping customers afford the home of their dreams for many years and we love what we do.
ME License #SLM7216
MA Broker #MB21819 (we arrange but do not make loans)
CT Broker NMLS ID#21819 (we are a mortgage broker only, not a mortgage lender or mortgage correspondent lender)
Oakdale Mortgages
33 Oakdale St
Portland, Maine 04103
Phone: (617) 848-5983
(207) 773-3173
elitvin@oakdalemortgages.com
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