Jumbo Mortgage Programs
Maine Mortgage Solutions is happy to help you with the process of securing a jumbo mortgage.
Maine Mortgage Solutions Can Help You With Jumbo Mortgage Programs
A Jumbo mortgage loan is for borrowers with higher than average credit, who are looking to purchase homes and properties with loans that exceed the general limits set by government-sponsored financing programs and businesses. (Currently $726,525 in Hawaii and Alaska and some federally designated markets and $484,350 in all other states.)
Jumbo mortgages can be utilized for primary residences, second homes, vacation homes, investment and rental properties. Jumbo mortgages can include fixed rate or adjustable rate loan terms and typically have a higher interest rate, have stricter underwriting rules and require large down payments compared to standard mortgages. Jumbo mortgages are not eligible to be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.