A jumbo loan, also known as a jumbo mortgage, is a type of financing that exceeds the limits set by the Federal Housing Finance Agency (FHFA). Unlike conventional mortgages, a jumbo loan is not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac. Designed to finance luxury properties and homes in highly competitive local real estate markets, jumbo mortgages come with unique underwriting requirements and tax implications.
Jumbo Loan Limit is our area is any loan greater than $510,400. (It may be higher in other states)
First United offer Jumbo Portfolio lending in Texas and Oklahoma up to 90% loan to value.
*Please call Jennifer for details.
Approximate Timeframes for Closings
(These are subject to change based on individual loans)
Purchases – Approximately 30 days
Construction – Approximately 45 days
Refinance – Up to 120 days