A Jumbo, or non-conforming loan, refers to any home loan that is greater than $417,000. Jumbo loans have similar features to fixed and adjustable rate programs.
The biggest difference between a jumbo loan and a traditional loan is the interest rate – since jumbos are not guaranteed by Frannie Mae or Freddie Mac, they are considered a higher risk for lenders. They may have a higher rate.
Call 847.441.4116 or Click Here to see if a Jumbo Loan is right for you.