A Jumbo loan is required for financing on a mortgage that is higher than the conforming loan limits set by Fannie Mae and Freddie Mac.

Jumbo loans are a riskier proposition than conventional loans because a larger sum of money is borrowed on a single transaction. Because of this risk with Jumbo loans the rates and down payment requirements are typically higher than a conforming or FHA loan.

Typically jumbo loans require Private mortgage insurance if the borrower puts less than 20% down.

The jumbo mortgage financing is always in a state of flux as the supply and demand for these particular loan products can change due. Cranbrook Loans specializes in working with borrowers who need financing above conventional loan amounts.

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