A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $548,250 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.
Also called non-conforming conventional mortgages, jumbo loans are considered riskier for lenders because these loans can’t be guaranteed by Fannie and Freddie, meaning the lender is not protected from losses if a borrower defaults. Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.
The MABA PAC is one of the most influential Latino organizations in California and is comprised of members that are attorneys, civic leaders and business people from diverse ethnic backgrounds.
3250 Wilshire Blvd. Suite #1900
Los Angeles, CA 90010
Phone: (424) 292-5400