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  Jumbo & Super Jumbo Mortgages
A Jumbo Mortgage is a mortgage with a loan amount above conventional loan limits. Jumbo Mortgages apply when Fannie Mae (FNMA) and Freddie Mac (FHLMC) limits don't cover the full loan amount. Fannie Mae and Freddie Mac are large agencies that purchase the bulk of residential mortgages in the U.S. They set a limit on the maximum dollar value of any mortgage which they will purchase from an individual lender. Currently, this limit is $417,000. This leaves a portion of the market to look elsewhere for placement. Other large investors, such as insurance companies and banks, step in to fill the need with maximum mortgage amounts going to the $2 million range. A Super Jumbo Mortgage is a mortgage with a loan amount above the Jumbo Mortgage loan limits. Larger investors step in to fill the need with maximum mortgage amounts going to the $8 million range. The average interest rates are typically greater than normal for conforming mortgages, and vary depending on property types and mortgage amount.
Stephen Gallo, Director of Sales & Marketing Parallel Mortgage Corp. - 555 Route 18 South – East Brunswick NJ, 08816 Office Phone: (732) 238-1100 Cell: (732) 501-3797 Fax: (732) 348-9513 Email: sgallo@parallelmtg.com Licensed Mortgage Broker N.J. Dept. of Banking & Insurance.  |