When Do You Need a Jumbo Loan?
When do you need to obtain a Jumbo loan? Currently the FHFA or Federal Housing Finance Agency has the current loan limits throughout most of the US (LOAN LIMITS) capped at $510,400.00. There are some areas designated as “high cost” areas and those location have higher loan limits however most of the US are all in the same range. Once an loan exceeds this limit it becomes a Jumbo. There are specific Jumbo loan options and in some cases you can still use a conforming conventional 1st mortgage up to $510,400.00 and then add a 2nd mortgage (HELOC/Equity line) to make up the balance.