A JUMBO home loan is a loan that is greater than the the local maximum Conforming or Conventional loan limit. In Maricopa County, Arizona a JUMBO loan is any home loan over $510,400.
What is a JUMBO Mortgage?
The term “JUMBO Home Loan” and “Non-Conforming Home Loan Amount” are synonymous. Both refer to loan amounts exceeding the local Conforming Loan limit.
This amount varies in some high cost Counties. However in all Arizona Counties and most US Counties the 2020 Conforming Loan limit is $510,400. As a result, in most Counties a JUMBO loan is a loan equal to or greater than $510,401 in 2020.
JUMBO and Non JUMBO Loan Differences
Aside from the loan amount differences above, JUMBO Loans differ from Non JUMBO Loans in other ways.
JUMBO Loan Options
JUMBO home loan options offered by The HOUSE Team & PrimeLending include:
- 5% Down Payment Jumbo Home Loans
- Fixed Rate JUMBO Home Loans
- Adjustable Rate JUMBO Home Loans
- Renovation JUMBO Home Loans
- Interest Only JUMBO Home Loans
**A pre-qualification is not an approval of credit, and does not signify that underwriting requirements have been met