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While lenders often approve down payments as low as 3 percent for conventional loans, jumbo loans typically have much larger minimums: 10 percent at the very least, and often 20 percent.
In pricey housing markets — including much of California, all of New York City, the District of Columbia and the entire states of Alaska and Hawaii — the limit is $1,149,825, up from ...
For much of the U.S., the divide between conforming loans and jumbo mortgages will be $766,550.
In the United States, a super jumbo mortgage is a jumbo mortgage that far exceeds the conforming loan limits. These are typically 4 times the maximum loan amount set by Fannie Mae or Freddie Mac which as of 2024 [update] was $766,551. [ 1 ]
In the United States, a jumbo mortgage is a mortgage loan that may have high credit quality, but is in an amount above conventional conforming loan limits. [1] This standard is set by the two government-sponsored enterprises (GSE), Fannie Mae and Freddie Mac, and sets the limit on the maximum value of any individual mortgage they will purchase from a lender.
If a loan's origination amount is above the CLL then a mortgage is considered a jumbo loan, and typically has higher rates associated with it. This is because both Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market, making the demand for a non-conforming loan much less. By virtue of the laws of ...
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