Jumbo Loans
If you’re buying a mansion or just a regular home in a high-priced area like Silicon Valley — you might need a jumbo loan.
What is a jumbo loan?
As the name implies, a jumbo loan covers a larger-than-normal loan amount. Jumbo loans can be used for primary homes as well as for investment properties and vacation homes.

The maximum size of a jumbo loan varies by lender and location. Qualifying guidelines can vary, too. Because the market for jumbo loans is smaller than the market for conforming loans, you might need to shop around a bit more to find a mortgage.

Aside from those caveats, jumbo loans aren’t much different from traditional mortgages. Payment schedules and other details are usually more or less the same. Borrowers can get fixed- or adjustable-rate jumbo mortgages with various term options. As of mid-December 2020, mortgage rates for jumbo loans were substantially higher than rates for conforming loans, about 50 basis points on average, or one-half of 1 percent.
Jumbo loan limits
If you want to borrow more than the loan limit for your area, you’ll need a jumbo loan. For 2022, the limit for Fannie Mae and Freddie Mac conforming loans in much of the country is $647,200. However, the loan limits are higher in expensive areas. For much of California and for the New York and Washington, D.C., metro areas, the 2022 loan limit is $970,800. Alaska and Hawaii also have loan limits of $970,800 for 2022.
Jumbo loan rates
The rates on jumbo mortgages fluctuate and can be higher or lower than the conforming mortgage rate.

Jumbo Loan Benefits

  • Fewer requirements and a simpler process (compared to previous jumbo loans) make it easier to get a big loan.
  • Purchase a home with a down payment greater than 10%.
  • Unlike many conventional loans, no mortgage insurance is required, even when your down payment is less than 20%.
  • Jumbo Smart loans are available for primary homes, second homes and investment properties, located on up to 20 acres.
  • We offer a 30-year fixed interest rate on our Jumbo Smart mortgages.
  • Jumbo Smart loans are available for both one- and two-unit properties.

© 2020 Prime Home Loans, Inc. All rights reserved. From start to finish, Prime Home Loans, Inc has dedicated team members with a direct point of contacts available to clients and realtors alike. You will have the convenience of speaking directly to someone that is working on your file and will have an immediate feedback on the status of the mortgage process.

Main Office
2444 Duluth Hwy Suite #101 Duluth, GA 30097
T (678) 638-1447
F (800) 878-3207
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Prime Home Loans, Inc. NMLS #98975; NMLSConsumerAccess.org. Equal Housing Lender. Licensed in. AL - Consumer Credit License #20786; AL – Mortgage Brokers License #21657; FL – Mortgage Lender License #MLD1554; GA – Mortgage Lender License/Registration #14971; MD – Mortgage Lender License #22966; MI – 1st Mortgage Broker/Lender License #FL0022835; SC-BFI – Mortgage Lender / Servicer License #MLS-98975; TN – Mortgage License #109087; TX-SML – Mortgage Company License; VA – Broker License / Lender License #MC-6798. Conditions may apply.