A jumbo loan is any home loan that exceeds a specific threshold called the conforming loan limit. The same goes for jumbo renovation loans – if the total loan amount is above the conforming loan limit, it’s considered “jumbo.”
The 2020 conforming loan limit for a single-family home is $510,400. Loan limits can be higher in some high-cost areas of the United States, though.
In many cases, if your loan amount is above the conforming limit, you’ll have to get multiple mortgages or put a larger amount down. However, with jumbo loans that’s not the case. We can offer you one loan to cover the entire cost of the home (and in the case of jumbo renovations, the entire cost of the home and your renovations).
This is great news for anyone wanting to make major renovations like adding a new master bath, guest suite, in-home theater – you name it. We’ve got you covered.
Contact your loan originator to learn more. All loan requests are subject to credit approval as well as specific loan program requirements and guidelines. With adjustable rate mortgages, the interest rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment.