A jumbo home loan allows borrowers to qualify for a larger loan that exceeds the conforming loan county loan limits. Put simply, a jumbo loan, also known as a jumbo mortgage, will offer high-end financing that traditional loans cannot.
Jumbo loans provide financing up to $5 million for the purchase of luxury and high-cost homes. With a jumbo loan, you can achieve the kind of lifestyle you want to live — whether you’re upgrading or purchasing an investment property.
The loan is called a jumbo loan because the amount is higher than conventional lending limits, which is the maximum amount that Fannie Mae and Freddie Mac will purchase in the secondary market.