Jumbo Loans

What is a Jumbo Loan?

Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes. Typically Jumbo Loans require a higher down payment than traditional loans.

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.

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Licensing

Susan Meitner
President
NMLS#147160 / PA#28941
NMLS Company – 130562 Branch 1814379

NMLS Consumer Access website

Contact Us

Sue Meitner - Centennial Lending Group
1126 Horsham Road
Maple Glen, PA 19002

Number:
215-469-1000

Hours:
MON-FRI 9AM - 5PM