Jumbo loans, also called non-conforming loans, are mortgages with loan amounts greater than the conforming loan limit. The conforming loan limit is set every January. The current conforming loan limit is $417,000.
Jumbo loans can be fixed rate mortgages, adjustable rate mortgage, or FHA loans with up to 96.5% financing and new higher loan limits--your mortgage planner can help you choose depending on your needs.
In some real estate markets, a house in the $400,000 range is little more than a starter home.
So why is it that a home loan in the mid $400's is considered a Jumbo Mortgage Loan?
Good question. While the rest of us may see the term "jumbo" as relative, Fannie Mae and Freddie Mac, two government sponsored mortgage entities, have definite opinions. Each year, a new "conforming loan limit" is published by these organizations.

When a loan amount is higher than the conforming limit, it becomes a Jumbo Loan, or non-conforming loan, with slightly higher interest rates .
New York Jumbo Loans, compared with historically low mortgage rates, can bring greater flexibility for some home buyers to purchase the house they want and make the payment they want.
With interest rates so low, consumer interest in Jumbo Loans is very high. If you are interested in finding out about securing a high end home without the NY jumbo mortgage rate, or getting your Jumbo Loan with a low (or no) down payment, talk to a mortgage expert by calling (347)-559-5626.