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A
"Jumbo" loan, also called a non-conforming loan, is a
larger mortgage amount than the conventional conforming maximum
mortgage limit set by the Federal National Mortgage Association
(Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie
Mac). Non-conforming loans offer greater flexibility for loan amounts
with a range of terms to accommodate immediate and long-range financial
plans.
Non-conforming
mortgages offer:
- Larger loan
amounts to purchase more expensive homes for those who want to
finance larger and/or more expensive properties and can qualify
for larger monthly payments
- Loan amounts
as high as $1 million or more.
- High-end
purchasers of primary residences, second or vacation homes
- New home
purchases or refinance
For more information
on non-conforming mortgage programs, contact
a DKMC Mortgage Planner.
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